By Chris King • 23 September 2022 • 22:08
Image of electricity pylons.
The average price of electricity for regulated rate customers linked to the wholesale market in Spain, drops by a huge margin of 35.7 per cent on Saturday, September 24, compared to today, Friday, September 23. Specifically, it stands at €155.78/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. It is the lowest level since the introduction of the Iberian exception on May 15.
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 this Saturday at €106.74/MWh.
Saturday’s maximum price will be registered between midnight and 1am, at €160.08/MWh, with a very similar price at 9pm of €160/MWh, while the minimum for the day, of €50.10/MWh, will be between 4pm and 5pm.
To this price of the ‘pool’ must be added the compensation of €49.04/MWh to the gas companies that has to be paid by the consumers who are beneficiaries of 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 €246.19/MWh. That would be €90.40/MWh more than with the compensation for clients of the regulated rate, who will pay 36.7 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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