Average price of electricity PLUMMETS in Spain on Saturday, September 17

On Saturday, September 17, the average price of electricity plummets by 36.12 per cent in Spain.

The average price of electricity for regulated rate customers linked to the wholesale market in Spain will fall by 36.12 per cent this Saturday, September 17, compared to today, Friday, September 16. Specifically, it will stand at €177.46/MWh, the cheapest it has been since June 12.

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 €61.68/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.

To this price of the ‘pool’ must be added the compensation of €115.78/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.

Saturday’s maximum price will be registered between 9pm and 10pm, at €167.50/MWh, while the minimum for the day, of €10/MWh, will be between 11am and midday.

The sudden decrease in the price of electricity is due, on the one hand to the lower demand on a weekend. On the other hand, there has been an increase in wind generation, which on Saturday will cover 26.6 per cent of national demand.

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