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    The Iberian exception lowers wholesale electricity prices by 48 euros on the first day of the year


    June 14, 2022 - CE Noticias Financieras

     

      The price of electricity has already begun to reflect the cap on gas approved by the Government. On the first day of the Iberian exception, the new wholesale market system has closed at 165.59 euros, which is 48.46 euros less than the price recorded yesterday, according to provisional data from Omie.

      With this measure, which represents a 22% reduction in the pool, the average price of the electricity bill would be reduced by 11% for a domestic consumer on the PVPC tariff if we compare the cost of electricity yesterday with that of today.

      The entry into force of the Government's star measure in the middle of the month will mean that the total impact on the bill during the month of June is expected to be just 7-8%.

      If we compare the prices recorded yesterday and today in the wholesale market with those of the previous year (88.4 euros and 84.4 euros), we can see that they are still practically twice as high.

      The gas cap has not yet made itself felt in the demand for natural gas despite the fact that it has increased from one day to the next by 100 GWh, i.e. almost 10%, according to data provided by Enagás. Specifically, the demand for gas has gone from 1,064 GWh to 1,166.19 GWh being consumed today, and the forecast is that this increase may also be felt tomorrow, although the technical system manager's forecasts remain at 1,000 GWh.

      For the moment, the entry of gas from Algeria remains stable at 257.8 GWh/day, although exports to France have been reduced in the last few days and barely reach 43 GWh/day.

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