Electricity prices tomorrow Sunday July 17: sharp drop in price which will make it cheaper to turn on the oven or the washing machine

The price of energy at the regulated tariff drops by 23.5% this Sunday.

The price of electricity for customers at the regulated tariff will fall by 23.5% and will stand at 228.13 euros/MWh. Check the price of electricity hour by hour for this July 17

Miren Elizondo

WATCH ELIZONDO Donostia – San Sebastian

The price of electricity will drop significantly this Sunday by 23.5%, leaving the rate at its lowest price in the last ten days. Specifically, according to provisional data from the Iberian Energy Market Operator (OMIE), the price of electricity will fall to 228.13 euros/MWh, so it will be the best time in recent days to install some of the usual uses that consume the most, such as the oven, the dishwasher or the washing machine.

This new drop for Sunday, coinciding with the arrival of the weekend and a drop in demand, combined with a slightly higher share of renewable energies, will allow the
electricity price for customers at the regulated tariff connected to the wholesale market to stabilize below 300 euros/MWh.

The high prices this week are partly explained by the heat wave affecting the whole country, which implies greater demand and a lower contribution from renewable sources (wind and photovoltaic).

Added to this are tensions over gas supply in the context of the Russian invasion of Ukraine and maintenance work on key infrastructure, factors which have boosted the Dutch TTF market (a benchmark for the Europe in the price of this raw material). until reaching more than 170 euros/MWh, whereas in mid-June it was around 80 euros/MWh.

This price for PVPC customers is the result of adding the average auction price on the wholesale market to the compensation that demand will pay to combined cycle power plants for the application of the “Iberian exception” aimed at cap the price of gas for electricity generation.

At auction, the average electricity price on the wholesale market – the so-called ‘pool’ – amounts to 102.45 euros/MWh for this Sunday. The maximum price will be recorded at 10:00 p.m., with 179.27 euros/MWh, while the minimum for the day, of 69.05 euros/MWh, will be given at 11:00 a.m.

Cheapest and most expensive times to put devices on

  • cheapest hour
    at 11 a.m., with 69.05 euros/MWh

  • most expensive hour
    at 10 p.m., with 179.27 euros/MWh

To this ‘pool’ price is added the compensation of 125.68 euros/MWh to the gas companies which must be paid by the consumers who benefit from the measure, the consumers of the regulated tariff (PVPC) or those who, although being on the free market, they have an indexed rate.

In the absence of the “Iberian exception” mechanism to limit the price of gas for the production of electricity, the price of electricity in Spain would have been on average 239.58 euros/MWh, or approximately 11 euros/ MWh more than with the regulated tariff customer compensation.

The Iberian mechanism, which entered into force on 15 June, limits the price of gas for electricity production to an average of 48.8 euros per MWh over a period of twelve months, thus covering the coming winter, a period when prices energy are more expensive.

Evolution of the electricity tariff (in euros/MWh.):

  • Price on July 17, Sunday:
    €228.13/MWh.

  • Prices July 16, Saturday:
    €298.25/MWh.

  • Prices on July 15, Friday:
    €300.34/MWh.

  • Price July 14, Thursday:
    €311.15/MWh

  • Price July 13, Wednesday:
    €315.76/MWh.

  • Prices on July 12, Tuesday:
    €303.07/MWh.

  • Prices on July 11, Monday:
    €298.49/MWh.

Specifically, the “Iberian exception” sets a trajectory for natural gas for electricity generation at a price of 40 euros/MWh in the first six months, then a monthly increase of five euros/MWh until the end of the measure.

16% less on the price of electricity thanks to the gas cap

The Iberian gas capping mechanism, applied in Spain and Portugal since June 15, has lowered the price of electricity for customers at regulated tariffs linked to the wholesale market by 16.2% in its first month in force compared to the records that would have been obtained in his absence, according to calculations made by Europa Press.

The average price for customers at the regulated tariff between June 15 and July 15 in Spain, resulting from the addition of the “pool” price (the wholesale market) and the daily compensation for power plants that produce gas, is 251.26 euros per megawatt hour (MWh), whereas if the measure had not been applied, the average would have been 299.9 euros/MWh, i.e. nearly 49 euros more on average.

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