By Chris King • 16 July 2022 • 22:02
Image of electricity pylons. Credit: Dmitrydesign/Shutterstock.com
The average price of electricity for regulated rate customers linked to the wholesale market in Spain and Portugal will drop by 23.5 per cent this Sunday, July 17, compared to today, Saturday, July 16. Specifically, it will stand at €228.13/MWh.
According to provisional data from the Operator of the Iberian Energy Market (OMIE), in the auction, the average price of electricity in the wholesale market – the so-called ‘pool’ – tomorrow, stands at €102.45/MWh.
Sunday’s maximum price will be registered between 10pm and 11pm, at €179.27/MWh, while the minimum for the day, of €69.05 euros/MWh, will be from 11am to midday.
This price for PVPC customers is the result of adding the average price of the auction in the wholesale market to the compensation payable to the combined cycle plants for the application of the ‘Iberian exception’ to cap the price of gas for electricity generation.
In the absence of the ‘Iberian exception’ mechanism to limit the price of gas for the generation of electricity, the price of electricity in Spain would have been on average around €239.58/MWh. That would be around €11/MWh more than with the compensation for customers of the regulated rate.
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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. Got a news story you want to share? Then get in touch at editorial@euroweeklynews.com
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