By Chris King •
Published: 09 Sep 2022 • 23:16
Image of electricity pylons.
The average price of electricity in the wholesale market in Spain will rise by 15 per cent this Saturday, September 10, compared to today, Friday, September 9. Specifically, it will stand at €282.91/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 be €176.05/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.
Saturday’s maximum price will be registered between 9pm and 10pm, at €300/MWh, while the minimum for the day, of €120.83/MWh, will be between 4pm and 5pm.
To this price of the ‘pool’ must be added the compensation of €106.86/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.
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 €323 euros/MWh, which is around €40.09/MWh more than with the compensation for clients of the regulated rate, who will subsequently pay 12.4 per cent 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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