The average price of electricity for regulated rate customers linked to the wholesale market will soar 75% on Thursday compared to yesterday, up to 152.14 euros per megawatt hour (MWh).
In the auction, the average price of electricity in the wholesale market –the so-called ‘pool’– will stand this Thursday at 137.74 euros/MWh. The maximum price will be registered between 9:00 p.m. and 10:00 p.m., with 195.76 euros/MWh, while the minimum for the day will be 110.97 euros/MWh, between 5:00 a.m. and 7:00 a.m., according to provisional data from 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 consumers who are beneficiaries of the measure, consumers of the regulated tariff (PVPC) or those who, despite being in the free market, have an indexed rate, which for Thursday, after eight consecutive days showing a negative balance, will be 14.4 euros/MWh.
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 around 180.67 euros/MWh on average, which is around 28.5 euros/MWh more than with the compensation for regulated rate customers, who will thus pay 15.8% 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 –until December 15–, and subsequently, a monthly increase of five euros/MWh until the end of the measure.