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    Electricity price rises 9% this Friday to 301 euros/MWh


    August 12, 2022 - CE Noticias Financieras

     

      The average price of electricity for regulated tariff customers linked to the wholesale market will rise this Friday by 9.04% compared to Thursday, to 301.31 euros per megawatt hour (MWh), according to provisional data from the Iberian Energy Market Operator (OMIE) collected by Europa Press.

      This price is the result of adding the average auction price in the wholesale market to the compensation to be paid by demand to combined cycle power plants for the application of the 'Iberian exception' to cap the price of gas for electricity generation.

      In the auction, the average price of electricity in the wholesale market - the so-called 'pool' - stood for this Friday at 158.25 euros/MWh. The maximum price will be registered between 21.00 and 22.00 hours, with 182.78 euros/MWh, while the minimum for the day, 124.69 euros/MWh, will be between 16.00 and 17.00 hours.

      To this pool price is added the compensation of 143.06 euros/MWh to the gas companies that must be paid by the consumers benefiting from the measure, the consumers of the regulated tariff (PVPC) or those who, despite being in the free market, have an indexed tariff.

      11% less than if the average were not applied

      In the absence of the 'Iberian exception' mechanism to cap the price of gas for electricity generation, the price of electricity in Spain would average 338.72 euros/MWh, which is about 37 euros/MWh more than with the compensation for regulated tariff customers, who will thus pay 11% less on average.

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

      Specifically, the 'Iberian exception' sets a path for natural gas for electricity generation of a price of 40 euros/MWh in the initial six months, and subsequently, a monthly increase of five euros/MWh until the end of the measure.

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