The average price of electricity for regulated rate customers linked to the wholesale market it will fall this Sunday by 40.8% Regarding this Saturday, up to 110.42 euros per megawatt hour (MWh).
In the auction, the average price of light in the wholesale market -the so-called ‘pool’- stands for this Sunday at 97.73 euros/MWh. Thus, the maximum price will be registered between 00:00 and 01:00, with 140 euros/MWh, while the minimum, of 81.40 euros/MWh, will occur between 15:00 and 16:00, according to the provisional data of the Operator of the Iberian Energy Market (OMIE) collected by Europa Press.
To this ‘pool’ price is added the compensation to the gas companies that must be paid by the consumers who are beneficiaries of the measureconsumers of the regulated rate (PVPC) or those who, despite being in the free market, have an indexed rate, which for this Sunday is 12.69 euros/MWh.
51.4% 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 on average about 227.37 euros/MWh, which means about 117.13 euros/MWh more than with the compensation for customers of the regulated rate, who will thus pay 51.4% 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 .
The price stands at 204.41 euros MW/h in the first fortnight
In the first fortnight of December, the average daily price of the Spanish wholesale market (pool) stood at 137.05 euros/MWh, which adding the extra cost that the adjustment for the gas cap entails for consumers (67.37 euros /MWh) stands at 204.41 euros/MWhwhich represents an increase of 64.30% compared to November, but it is 14.5% lower than a year ago, according to ASE group calculations.
This increase in electricity in the first half of December is due to the daily price of Mibgas, driven by the notable increase in the price of gas in Europe and because during the first week of this month low temperatures and a reduction in wind energy production were recorded.
However, the price in Spain is 46.7% lower than that of the large European economies due to the gas cap, according to the consultant’s analysts, who estimate that electricity will remain below 200 euros/MWh for what remains of December if the weather forecasts are met.