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The price will be below 5 euros/MWh until 6:00 p.m.
Dec. 24 () –
The average price of electricity for regulated rate customers linked to the wholesale market will plummet this Sunday, Christmas Day, to 10.63 euros per megawatt hour (MWh).
In this way, the price of electricity falls 69% on Sunday compared to this Saturday and will once again register the lowest price since May 9, 2021, before the start of the energy crisis, when it marked 10.53 euros/ MWh.
A year ago, on December 25, 2021, the average price of electricity was 226.42 euros/MWh.
The price of electricity thus consolidates its downward trend that began at the beginning of December due to the maximum reached in 16 months by hydroelectric production. Adverse weather has started the wind turbines and the rains have allowed more generation of hydraulic power. By ceasing to depend so much on gas, the electric bill falls.
CHEAP PRICE UNTIL 6:00 PM
In the auction, the average price of light in the wholesale market -the so-called ‘pool’- stands for this Sunday at 15.24 euros/MWh. During most of the day, until 6:00 p.m., the price of electricity will be below 5 euros/MWh.
The minimum price, of 1.45 euros/MWH, will be given from 5:00 a.m. to 7:00 a.m., while the maximum price will be registered between 8:00 p.m. and 9:00 p.m., with 50.26 euros/MWh, according to provisional data from the Operator of the Iberian Energy Market (OMIE) collected by Europa Press.
Compensation for gas companies is added to this pool price, which 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, They have an indexed rate, which for this Sunday is at negative levels, -4.61 euros/MWh, according to provisional data.
84% 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 around 67.4 euros/MWh on average, which is around 56.67 euros/MWh more than with the compensation for regulated rate customers, who will thus pay 84.23% 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 for a period of twelve months, thus covering next winter, a period in 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, and subsequently, a monthly increase of five euros/MWh until the end of the measure .
