Average price of electricity drops fractionally in Spain on Sunday, August 28

On Sunday, August 28, the average price of electricity drops by a small fraction of 0.92 per cent in Spain.

The average price of electricity for regulated rate customers in the wholesale market in Spain will drop by 0.92 per cent this Sunday, August 28, compared to Saturday, August 27. Specifically, it will stand at €382.31/MWh.

According to provisional data from the Iberian Energy Market Operator (OMIE), in the auction, the average price of electricity in the wholesale market – the so-called ‘pool’ – will stand at €138.74/MWh today.

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.

Sunday’s maximum price will be registered between 10pm and 11pm, at €225/MWh, while the minimum for the day, of €57.91/MWh, will be between 11am and midday.

To this price of the ‘pool’ must be added the compensation of €243.57/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 recent spiral of high electricity prices has been driven by natural gas price levels reaching maximum levels, mainly due to Gazprom’s announcement to cut the supply to Germany for three days from August 31.

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