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The cap on gas has lowered the price of electricity for regulated rate customers by 14.2% in its first 15 days

The cap on gas has lowered the price of electricity for regulated rate customers by 14.2% in its first 15 days

June 29. () –

The limitation of the price of gas to generate electricity, a measure adopted by the governments of Spain and Portugal with the approval of the European Commission and known as ‘the cap on gas’, has reduced the price of electricity for regulated rate customers linked to the wholesale market 14.18% when compared to the records that the ‘pool’ would have had if the mechanism had not been applied.

Thus, from last June 15, the first day of the gas cap, and until the last day of the month, the average price for regulated rate customers, resulting from adding the price of the ‘pool’ and the daily compensation for plants that generate with gas, it is 236.75 euros per megawatt hour (MWh), while if the measure had not been applied, the average would have been 275.89 euros/MWh.

The measure will apply until May 31, 2023 and the Government initially calculated that during its validity it would generate a reduction in the receipt for an average consumer covered by the regulated rate (or PVPC) of around 15.3%, as stated in the impact report that accompanies the decree law and to which Europa Press has had access.

The introduction of the measure had a discreet effect in terms of price reduction due to a host of factors, such as the heat wave that began in the middle of this month, which resulted in an increase in demand and an exceptional participation of gas plants in electricity generation in a context of high gas prices due to the Russian invasion of Ukraine.

To this increase in demand was added the increase in electricity exports to France, whose consumers are exempt from paying compensation to gas plants. In this sense, it should be noted that the electrical interconnection between Spain and France is only 2.8%.

Thus, in the first week of application of the measure, the percentages of savings derived from the limitation of the price of gas remained far from the initial calculations of the Executive, except on weekends, when the demand is reduced, and they stood at average at 8.64%.


However, in the second week, without the heat wave, the percentages of savings have come close to those estimated by the Government and, specifically, have stood at 19.66%.

JUNE BECOMES THE THIRD MOST EXPENSIVE MONTH

The average electricity price for regulated rate customers linked to the wholesale market ended June at an average of 218.29 euros/MWh, that is, 16.65% more than in May (187.12 euros/MWh of average) and 162.05% more than in the same month of 2021 (83.3 euros).

With these records, June becomes the third month with the most expensive average price of electricity in the historical series, only surpassed by December 2021 (239.17 euros/MWh on average) and March of this same year (283. 3 euros).

On the other hand, the average compensation price for gas plants between June 15 and the last day of the month stood at 91.22 euros/MWh, according to data published daily by the Iberian Energy Market Operator (OMIE). ).

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Written by Editor TLN

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