By Chris King • Updated: 30 Jul 2022 • 2:16
Image of electricity pylons. Credit: Dmitrydesign/Shutterstock.com
The average price of electricity in the wholesale market in Spain and Portugal will drop by a substantial 18.7 per cent this Saturday, July 30, compared to Friday, July 29. Specifically, it will stand at €224.80/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’ – stands at €129.98/MWh this Saturday.
This price is the result 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.
Saturday’s maximum price will be registered between midnight and 1am, at€163.78/MWh, while the minimum for the day, of €114.30/MWh, will occur between 11am and midday.
In fact, and according to data from OMIE and the Iberian Gas Market (Mibgas), the wholesale price of electricity will be almost €82 lower this Saturday than the €306.58/MWh that would have been paid if the cap on the price of gas for electricity generation had not been included. In comparison, that price without a gas cap would have been €306.58/MWh.
Electricity will continue to set high prices in the rest of Europe, especially in Italy, where consumers will pay €436.27/MWh, with peaks that will reach €500/MWh euros early in the evening. In France, the average price will be €397.53/MWh.
Germany, which has been affected by the cut in Russian gas supply through the Nord Stream 1 gas pipeline, will pay €380.77/MWh. In the United Kingdom, the price will moderate slightly, to an average price of £265.17/MWh (about €316).
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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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