By Chris King • 12 December 2022 • 23:32
Image of electricity pylons.
The average price of electricity for regulated rate customers linked to the wholesale market in Spain will fall by 6.95 per cent on Tuesday, December 13, compared to this Monday 12. Specifically, it will stand at €121.18/MWh, the lowest level so far this month.
According to provisional data from the Market Operator Iberian Energy (OMIE), in the auction, the average price of energy in the wholesale market – the so-called ‘pool’ – stands at €97.69/MWh tomorrow.
Tuesday’s maximum price will be registered between 4pm and 5pm, at €147/MWh, while a minimum of €4.11/MWh will be registered during the first six hours of the day,
These very low prices in the wholesale market for the early hours of the day are motivated by the high presence of renewables in the ‘mix’. This is especially from wind power, due to Storm Efrain, which has brought heavy rain and strong winds to many parts of Spain.
To this ‘pool’ price is added the compensation of €23.49/MWh to the gas companies. This must be paid by consumers who are beneficiaries of the measure, consumers of the regulated tariff (PVPC), or those who, despite being on 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 around €249.49/MWh on average. This would be around €128.31/MWh more than with compensation for customers of the regulated rate, who will pay 51.42 per cent less on average as a result.
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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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