The price of electricity falls 42% this Sunday and stands at 90.34 euros/MWh, the lowest level since April

Sep. 24 () –

The average price of electricity for regulated rate customers linked to the wholesale market falls 42% this Sunday compared to this Saturday and will be below the barrier of 100 euros per megawatt hour (MWh) for the first time since last April.

Specifically, the price will stand at 90.34 euros/MWh tomorrow, which represents the third consecutive drop and its lowest level since the ‘Iberian exception’ was applied, according to provisional data from the Iberian Energy Market Operator ( OMIE) collected by Europa Press.

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.

The 90.34 euros per MWh for this Sunday will also be the lowest price for regulated rate customers linked to the wholesale market since last April 23.

In the auction, the average price of electricity in the wholesale market – the so-called ‘pool’ – stands this Sunday at 71.97 euros/MWh. The maximum price has been registered between 9:00 p.m. and 10:00 p.m., with 156.82 euros/MWh, while the minimum for the day, of 1.29 euros/MWh, will occur between 3:00 p.m. and 5:00 p.m.

To this price of the ‘pool’ is added the compensation of 18.37 euros/MWh to the gas companies that has to be paid by the consumers who are beneficiaries of the measure, the consumers of the regulated rate (PVPC) or those who, despite being in the free market, they have an indexed rate.

ALMOST 50% 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 an average of 177.82 euros/MWh, which means 87.48 euros/MWh more than with the compensation for clients of the regulated rate, who will thus pay 49.2% 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 at a price of 40 euros/MWh in the initial six months, and subsequently, a monthly increase of five euros/MWh until the end of the measure .