By Chris King • 24 September 2022 • 21:43
Image of electricity pylons.
The average price of electricity for regulated tariff customers linked to the wholesale market in Spain will fall considerably by 40 per cent on Sunday, September 25, compared to today, Saturday 24. Specifically, it will stand at €90.34/MWh.
According to provisional data from the Iberian Energy Market Operator (OMIE), this is the lowest since April 23. In the auction, the average price of electricity in the wholesale market – the so-called ‘pool’ – stands at €71.97/MWh tomorrow.
Incredibly, the minimum price will be almost zero: it drops to €1.29/MWh at 12 midday and 1pm, and again between 4pm and 7pm. The maximum price will reach €156.82/MWh between the hours of 9pm and 10pm.
To this price of the ‘pool’ must be added the compensation of €18.37/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.
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, thereby covering the coming winter, a period in which energy prices are usually more expensive.
Specifically, the ‘Iberian exception’ sets a path for natural gas for electricity generation at a price of €40/MWh in the initial six months, and subsequently, a monthly increase of €5/MWh until the end of the measure.
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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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