2023-07-29 18:41:28
The average price of electricity for regulated rate customers linked to the wholesale market will drop 15.86% on Sunday compared to this Saturday, to 67.79 euros per megawatt/hour (MWh).
By time slots, the maximum price, of 113.93 euros/MWh, will be recorded between 10:00 p.m. and 11:00 p.m., while the minimum price will be between 11:00 a.m. and 12:00 p.m., with 11.20 euros/MWh, according to provisional data from the Iberian Energy Market Operator (OMIE) collected by Europa Press.
The average of the ‘pool’ of electricity so far in July stands at 90.52 euros/MWh, compared to the 142.66 euros/MWh that it marked in the same month last year.
To this average price of the ‘pool’ would be added the compensation to the gas companies, which must 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 , have an indexed rate, but which is again at 0 euros/MWh, a situation that has been repeated since February 27.
The so-called ‘Iberian exception’ was extended until December 31, after the agreement reached by Spain and Portugal with the European Commission. Thus, it is extended for seven months, until the end of this year, and it is not excluded that it could be extended for a longer time if said framework is also extended.
Specifically, the agreement not only represents an extension of the Iberian exception that was already applied, but also implies some adjustments to accommodate it, such as the price reference, which until now increased by five euros per month, and will now be smoother.
In the original agreement, the aforementioned reference price for gas had an average value of 48.8 euros/MWh: it was 40 euros/MWh for six months, rising 5 euros/MWh every month thereafter. Now, it will increase by 1.1 euros/MWh since last April, to conclude at 65 euros/MWh.
Currently, the mechanism has had no effect on the marginal matching processes in the wholesale markets since the end of February due to the fall in the price of natural gas below the thresholds set for its application, but, if necessary, the extension will allow the maintenance of a reasonable price, not so dependent on the evolution of natural gas.
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