2023-07-01 08:49:21
The average price of electricity for regulated rate customers linked to the wholesale market will fall this Saturday, July 1, 37.5% compared to this Friday, up to 60.34 euros per megawatt hour (MWh).
Thus, the month of July will begin with the lowest price for more than a month, on May 21, when 31.52 euros/MWh was paid for electricity. By time slots, the minimum price, of 0 euros/MWh, will be recorded between 3:00 p.m. and 5:00 p.m., when electricity will not be paid, while the maximum price will be between 10:00 p.m. and 11:00 p.m., with 120.2 euro/MWh.
The average of the ‘pool’ of electricity in the month of June stood at 93 euros/MWh, compared to the 169.63 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 has to be paid by the consumers benefiting from the measureconsumers of the regulated tariff (PVPC) or those who, despite being in the free market, have an indexed tariff, but which is again at 0 euros/MWh, a situation that has been repeated since February 27.
The so-called ‘Iberian exception’ has been 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 quoted price of reference 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 from 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 drop in the price of natural gas below the thresholds set for its application, but, if necessary, the extension will allow maintain a reasonable price, not so dependent on the evolution of natural gas.
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