Video: Confusion on the first night of the ‘great blackout’. /
The price of electricity rises sharply tomorrow, Friday, no less than 9%, to 301.31 euros/MWh. Check the price of electricity hour by hour for this August 12.
The price of electricity does not stop rising this week and registers a strong rise tomorrow, Friday, no less than 9.04% compared to the previous day. This will be the average price for regulated rate customers linked to the wholesale market, which for the first time in many weeks exceeds 300 euros per megawatt hour (MWh): 301.31. This is confirmed by the provisional data of the Iberian Energy Market Operator (OMIE).
In the midst of a heat wave, in which it is difficult to save, consumers are looking more than ever at the cheapest hours to connect their most consumed appliances such as ovens, washing machines and dishwashers, as well as fans and air conditioners. With this new rise tomorrow, August 12, 2022, the cost of electricity skyrockets again for families. (Check the price of electricity today Thursday).
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 so-called ‘Iberian exception’ that serves to limit the price of gas for generation Of electricity.
Fortunately, customers covered by the regulated rate (or PVPC) and those who enjoy an indexed rate despite being in the free market will have one more day the discount that this ‘Iberian exception’ entails. This compensation is tomorrow, Friday, of 143.06 euros/MWh, so the average price of electricity in the wholesale market, which is known in the electricity sector as a pool, remains at 158.25 euros/MWh
According to this auction, the average price of electricity in the wholesale market or ‘pool’, the cheapest hour of electricity this day will be between four and five in the afternoon, with 124.69 euros / MWh, while the most expensive -and least recommended for starting up electrical appliances- is between nine and ten at night, with 182.78 euros/MWh.
Cheapest time:
16-17 hours, with 124.69 euros / MWhMost expensive time:
21-22 hours, with 182.78 euros/MWh
This new rise in the cost of electricity comes in a context in which the heat wave is mixed, and the need for citizens to use fans and air conditioning more intensively, and the Government’s energy saving plan, which It went into effect this Wednesday. The year-on-year increase in electricity exceeds 140% compared to the same day last year, which is already forcing households to change their consumption habits.
According to the experts, without this mechanism of the ‘Iberian exception’ that limits the price of gas for the generation of electricity, the price of electricity in Spain would be an average of 338.72 euros/MWh, with which the savings for families is about 37 euros/MWh more than with the compensation for clients of the regulated rate, who will thus pay 11% less on average.
Even so, one more day the price of electricity will vary significantly hour by hour throughout the day, depending on the tolls and charges established in each of the time slots of the electricity rate. In fact, the National Commission of Markets and Competition (CNMC) has verified that in 2021, in the framework of the upward spiral of energy, around 1.25 million people switched from the PVPC to a rate in the free market at a fixed price.