By Chris King •
Published: 17 Sep 2022 • 23:53
Image of electricity pylons.
The average price of electricity for regulated rate customers linked to the wholesale market in Spain will rise 9.68 per cent this Sunday, September 18, compared to today Saturday, September 17. Specifically, it will stand at €194.64/MWh.
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 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 €131.61/MWh tomorrow.
Sunday’s maximum price will be registered between 9pm and 10pm, at €202.28 euros/MWh, while the minimum for the day, of €61.01/MWh will be between 3pm and 4pm.
To this price of the ‘pool’ must be added the compensation of €63.03/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 an average of €249.16/MWh. That would be €54.52/MWh more than with the compensation for customers of the regulated rate, who will pay 21.88 per cent less on average.
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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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