By Chris King •
Published: 03 Sep 2022 • 21:59
Image of electricity pylons.
The average price of electricity in the wholesale market in Spain on Sunday, September 4, will drop by a staggering 36.4 per cent compared to today, Saturday, September 3. Specifically, it will stand at €192.40/MWh. This is the third consecutive day that the price has fallen, costing around €110.38/MWh less on average than today.
According to provisional data collected by the Iberian Energy Market Operator (OMIE), in the auction, the average price of electricity in the wholesale market – the so-called ‘pool’ – stands at €141.10/MWh tomorrow.
Sunday’s maximum price will be registered between midnight and 1am, at €205.41/MWh, while the minimum for the day, of €25.09/MWh, will be between 5pm and 6pm.
To this price of the ‘pool’ must be added the compensation of €120.57/MWh to the gas companies that has to be paid by the consumers who benefit from the measure, the consumers of the regulated tariff (PVPC), or those who, despite being in the free market, have an indexed rate.
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.
According to data from the OMIE, and the Iberian Gas Market (Mibgas), the wholesale price of electricity (the one paid by consumers with a regulated tariff) will be around €65/MWh lower than the €257.38/MWh which would have been paid if the cap on gas for electricity generation had not been implemented in June.
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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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My electricity gas cap tax is over ninety percent of the cost of electricity used.
How can this be right ?
I am with Iberdrola but can’t get anyone to give me a satisfactory answer as to what is the general gas cap charge per kw for residential bills.
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