By Chris King • 29 August 2022 • 21:50
Image of electricity pylons.
The average price of electricity for regulated rate customers linked to the wholesale market in Spain will rise by 8.51 per cent on Tuesday, August 30, compared to today Monday, August 29. Specifically, it will stand at €459/MWh, reaching a new maximum high since The ‘Iberian exception’ came into force.
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 €201.96/MWh tomorrow.
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.
Tuesday’s maximum price will be registered between 10pm and 11pm, at €237 euros/MWh, while the minimum for the day, of €160/MWh, will be between 5pm and 6pm.
To this price of the ‘pool’ must be added the compensation of €257.44/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.
The spiral of high electricity prices that has occurred over the last week has been driven by natural gas prices reaching maximum levels. This is mainly due to Gazprom’s announcement that it will cut the gas supply to Germany for three days from August 31.
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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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