By Chris King •
Published: 18 Aug 2022 • 22:34
Image of electricity pylons.
The average price of electricity for regulated rate customers linked to the wholesale market in Spain will increase by 4.9 per cent this Friday, August 19, compared to today Thursday, August 18. Specifically, it will stand at €219.21/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’ – will stand at €135.35/MWh tomorrow.
Friday’s maximum price will be registered between 10pm and 11pm, at €230.18/MWh, while the minimum for the day, of €90/MWh, will occur between 4am and 5am.
To this price of the ‘pool’ must be added the compensation of €83.86/MWh to the gas companies that has to be paid by the consumers who are beneficiaries of the measure, the consumers of the regulated tariff (PVPC), or those who, despite being in the free market, have an indexed rate.
In the absence of the ‘Iberian exception’ mechanism to cap the price of gas for electricity generation, the price of electricity in Spain would be on average around €355.35/MWh. That would be around €136.14/MWh more than with the compensation for customers of the regulated rate, who will thus pay 38.3% less on average.
The ‘Iberian mechanism’, which came into force on June 15, limits the price of gas for electricity generation to an average of €48.80/MWh over a period of twelve months, covering the coming winter, a period in which energy prices are more expensive.
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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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