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    The price of electricity falls 12.30% this Sunday to 167.06 euros/MWh


    June 13, 2022 - CE Noticias Financieras

     

      The average price of electricity in the wholesale market falls this Sunday by 12.30% with respect to Saturday, to 167.06 euros/MWh, according to data published by the Iberian Energy Market Operator (OMIE).

      Specifically, the average price of electricity this Sunday will be 28.44 euros cheaper than this Saturday's price

      (190.50 euros), while, compared to last week's Sunday, it will fall by 13.73%.

      The maximum price of electricity on June 12 will be between 22.00 and 23.00 hours, with 225.88 euros/MWh, while the minimum for the day, 65.34 euros/MWh, will be between 16.00 and 17.00 hours.

      With respect to a year ago, the average price of electricity for this Sunday will be 115.28% more expensive

      than the 77.60 euros/MWh of June 12, 2021.

      The pool prices have a direct impact on the regulated tariff

      -the so-called PVPC-, to which almost 11 million households in the country are covered, and serve as a reference for the other 17 million who have contracted their supply in the free market.

      In fact, the National Commission for Markets and Competition (CNMC) has found that in 2021, as part of the upward spiral of energy, around 1.25 million people switched from the PVPC to a fixed-price free market tariff

      , according to Europa Press.

      In mid-May, the Official State Gazette (BOE) published the Royal Decree-Law establishing the mechanism to limit the price of gas for electricity generation

      to an average of 48.8 euros per megawatt-hour (MWh) for a period of twelve months, thus covering the coming winter, a period when energy prices are more expensive.

      Finally, the mechanism received the green light from Brussels this Wednesday

      and has been initialed this Thursday by an order of Ecological Transition for its application.

      The so-called 'Iberian exception' will apply from the auction of the electricity market next Tuesday, June 14

      , and will affect the matching of the wholesale electricity market to be held that day to set prices for the next day, Wednesday, June 15.

      The Government limits in its calculations to 15.3% the reduction for the average electricity consumer under the PVPC regulated tariff

      during the 12 months of application of the cap approved for electricity generation from natural gas, as stated in the impact report accompanying the decree law.

      For the industrial consumer

      , totally exposed to the spot price, the Government estimates a reduction in the bill of between 18% and 20%, ranging in the first month of the mechanism between 15% and 17%, and between 13% and 15% in the last month.

      Teresa Ribera

      does not see Algerian gas at risk and assures that electricity companies would raise prices "much more" without the cap on gasAbengoa gets a new extension from its creditorsThe price of electricity falls 2% this Saturday, to 190.5 euros/MWh

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