Average price of electricity in Spain rises significantly again on Wednesday, August 24

Image of electricity pylons. Credit: Dmitrydesign/Shutterstock

On Wednesday, August 24, the average price of electricity in Spain increases again by 19.4 per cent.

 

The average price of electricity in the wholesale market (the so-called ‘pool’) in Spain on Wednesday, August 24, will rise again by 19.4 per cent, compared to Tuesday, August 23. Specifically, it will stand at €436.25/MWh. This is a new maximum since the cap on gas prices came into force.

According to provisional data from the Iberian Energy Market Operator (OMIE), in the auction, will stand at €186.95/MWh tomorrow. Wednesday’s maximum price will be registered between 10pm and 11pm, at €236.79/MWh, while the minimum for the day, of €140.07/MWh, will be between 5pm and 6pm.

This price is the result of adding the average 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.

To this price of the ‘pool’ must added the compensation of €249.30/MWh to the gas companies that has to 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.

This increase in the cost of electricity occurs with TTF gas price levels in the Netherlands – a reference in the European market – at maximum levels. They are mainly driven by Gazprom’s announcement to cut its supply to Germany for three days from August 31. This Tuesday the MWh of natural gas was trading below €270, after standing at at €290 on Monday.

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Written by

Chris King

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 [email protected]

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