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    Electricity rises 3% on the second day of the application of the gas cap

    June 15, 2022 - CE Noticias Financieras


      The price of electricity increased again on the second day of application of the gas cap. Specifically, it increased by 3.15% in the wholesale market, from 165.59 euros/MWh to 170.81 euros/MWh.

      However, it will still be necessary to add the adjustment to be paid to the companies that use gas in combined cycles, as established in the agreement reached between Spain and Portugal with the EU. This compensation, which yesterday was 59 euros/MWh more, bringing the cost to 224 euros/MWh, will be known throughout today.

      By time slots, the most expensive price is registered between 10 and 11 pm, reaching 210.44 euros/MWh. Between 3 and 4 p.m., on the other hand, the cheapest electricity will be paid.

      The system faces a second day of complications due to the low renewable production and combined cycles that can produce around 40% of the country's energy, at a time when a heat wave is hitting the whole territory. To this must be added the extension of the shutdown of the nuclear power plant (Trillo) and Gazprom's announcement to reduce the supply of gas from Nord Stream by 40%, which is once again pushing up the prices of this raw material.

      In this sense, the forecast demand for natural gas has increased by more than 7%, according to data provided by Enagás. Specifically, it has gone from 1,166.19 GWh to 1,256.20 GWh being consumed.

      The third vice-president of the Government and Minister for Ecological Transition and the Demographic Challenge, Teresa Ribera, stressed today that the Iberian mechanism to reduce the impact of the price of gas on the cost of electricity "works even in the moments of greatest tension" in the market, such as these days, and asked for "time" for the measure to settle, after its entry into force yesterday, Tuesday.


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