The price of electricity rises this Sunday by 8.2%, to 185.87 euros/MWh

The average price of electricity for regulated rate customers linked to the wholesale market rose 8.

NewsEditor
NewsEditor
02 October 2022 Sunday 01:45
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The price of electricity rises this Sunday by 8.2%, to 185.87 euros/MWh

The average price of electricity for regulated rate customers linked to the wholesale market rose 8.2% this Sunday compared to this Saturday, to 185.87 euros/MWh, 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 power plants for the application of the "Iberian exception" to cap the price of gas for the generation of electricity.

In the auction, the average price of electricity in the wholesale market -the so-called 'pool'- stands at 145 euros/MWh for this Sunday. The maximum price will be registered between 9:00 p.m. and 10:00 p.m., with 232.99 euros/MWh, while the minimum for the day, of 88 euros/MWh, will be between 2:00 p.m. and 3:00 p.m.

To this pool price is added the compensation of 40.87 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 tariff (PVPC) or those who, despite being in the free market, they 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 an average of 209.16 euros/MWh tomorrow, which is almost 23.29 euros/ MWh more than with the compensation for customers of the regulated rate, who will thus pay 11% less on average.

This 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 twelve-month period, thus covering the coming winter, a period in 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 .

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