Average price of electricity in Spain increases by 77.7 per cent on Monday, September 26

Image of electricity pylons. Credit: Dmitrydesign/Shutterstock

On Monday, September 26, the average price of electricity in Spain increases by a staggering 77.7 per cent.

 

The average price of electricity for regulated rate customers linked to the wholesale market will rise by 77.7 per cent this Monday, September 26, compared to today Sunday 24. Specifically, it will stand at €160.57/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.

A brief respite was given to consumers when today’s price fell below €100/MHh for the first time since last April. 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 €119.77/MWh tomorrow.

Monday’s maximum price will be registered between 8pm and 9pm, at €218.60 euros/MWh, while the minimum for the day, of €75.64/MWh, will occur between 2am and 3am.

To this price of the ‘pool’ must be added the compensation of €40.80/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 €221.93/MWh. That would be €61.36/MWh more than with the compensation for clients of the regulated rate, who will subsequently pay 27.6 per cent less on average.

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Written by

Chris King

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. Got a news story you want to share? Then get in touch at [email protected]

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