By Chris King • 22 June 2022 • 0:00
Image of electricity meters.
Credit: Creative Commons
The average price of electricity for regulated rate customers linked to the wholesale market in Spain and Portugal will rise 4.4 per cent this Wednesday, June 22, compared to this Tuesday, June 21. Specifically, the cost will be €282.12/MWh.
This price for PVPC customers is the product of adding the average price of the auction in the wholesale market to the compensation that the demand will pay to the combined cycle plants for the application of the ‘Iberian exception’ to cap the price of gas for the generation of electricity.
According to data from the Iberian Energy Market Operator (OMIE), in the auction, the average price of electricity in the wholesale market – the so-called ‘pool’ – stands at €152.75/MWh tomorrow. That is €4.72/MWh more than today’s €148 .03/MWh), an increase of 3.18 per cent.
The maximum price of electricity for this June 22 will be registered between 10:00 p.m. and 11:00 p.m., with 195.66 euros/MWh, while the minimum for the day, of 132.66 euros/MWh, will be between 6:00 p.m. and 7:00 p.m.
To this pool price is added the compensation of €129.37/MWh to gas companies, compared to today’s €122.14/MWh. This compensation must be paid by the consumers who benefit from the measure, the consumers of the regulated rate (PVPC), or those who, despite being in the free market, have an indexed rate.
In the absence of the ‘Iberian exception’ the price of electricity in Spain and Portugal would have been an average of around €296/MWh. That is around €14/MWh more than with compensation for regulated rate customers, who will thus pay 4.7 per cent less on average.
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Originally from Wales, Chris spent years on the Costa del Sol before moving to the Algarve where he is a web reporter for The Euro Weekly News covering international and Spanish national news.
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