Nov. 5 () –
The average price of electricity for regulated rate customers linked to the wholesale market will fall 20% on Sunday compared to this Saturday, to 112.75 euros per megawatt hour (MWh), according to provisional data from the Iberian Market Operator of Energy (OMIE) collected by Europa Press.
In the auction, the average price of electricity in the wholesale market -the so-called ‘pool’- will be 113.48 euros/MWh this Sunday. The maximum price will be registered between 6:00 p.m. and 7:00 p.m., with 155.61 euros/MWh, while the minimum for the day, of 90.93 euros/MWh, will occur between 10:00 a.m. and 11:00 a.m.
To this price of the ‘pool’ is added the compensation to the gas companies, which on this occasion is slightly negative, -0.73 euros/MWh, and which has to be paid by the consumers who benefit from the measure, the consumers of the regulated (PVPC) or those that, despite being in the free market, have an indexed rate or have to renew their contract.
7% LESS THAN WITHOUT APPLYING THE MEASURE
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 on average around 121.24 euros/MWh, which is around 8.5 euros/MWh more than with the compensation for clients of the regulated rate, who will thus pay 7% less on average.
The ‘Iberian mechanism’, which came into force on June 15, limits the price of gas for electricity generation to an average of 48.8 euros per MWh over a period of twelve months, thus covering the coming winter, a period in which which energy prices are more expensive.
Specifically, the ‘Iberian exception’ sets a path for natural gas for electricity generation from a price of 40 euros/MWh in the initial six months -until December 15-, and subsequently, a monthly increase of five euros/ MWh until the end of the measurement.
