The average price of electricity for customers at the regulated tariff linked to the wholesale market leaving this saturday 15.35% compared to this Friday, up to 252.09 euros per megawatt hour (MWh), according to provisional data from the Iberian Energy Market Operator (OMIE). 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’ gas price cap for electricity production.
During the auction, the average electricity price on the wholesale market – the so-called “pool” – amounted to 155.99 euros/MWh for Saturday. To this ‘pool’ price is added the compensation of 96.10 euros/MWh to the gas companies which must be paid by the consumers benefiting from the measure, the consumers of the regulated tariff (PVPC) or those who, despite being on the open market, they have an indexed rate.
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The price maximum is recorded in the last hour of the day, with 221.10 euros/MWh, while Minimum for the day, of 139.87 euros/MWh, will be given between 6 p.m. and 7 p.m..
18.9% less than without applying the measure
In the absence of the “Iberian exception” mechanism to limit the price of gas for electricity production, the price of electricity in Spain would average around 308.93 euros/MWh, i.e. around 56, 8 euros/MWh more than with compensation for regulated tariff customers, who will thus pay approximately 18.9% less on average. 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. 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.