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    The price of electricity falls 11.5% this Thursday to 208.96 euros/MWh


    August 17, 2022 - CE Noticias Financieras

     

      The average price of electricity for regulated tariff customers linked to the wholesale market will fall on Thursday by 11.5% compared to this Wednesday, to 208.96 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 of the auction 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 Thursday at 134.67 euros/MWh. The maximum price will be registered between 22.00 and 23.00 hours, with 189.33 euros/MWh, while the minimum for the day, 98.6 euros/MWh, will be between 17.00 and 18.00 hours.

      To this pool price is added the compensation of 74.29 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.

      Almost 40% less

      In the absence of the 'Iberian exception' mechanism to cap the price of gas for electricity generation, the price of electricity in Spain would be on average about 348.21 euros/MWh, which is about 139.2 euros/MWh more than with the compensation for regulated tariff customers, who will thus pay almost 40% 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 when energy prices are more expensive.

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

      This Wednesday at a press conference, the third vice-president of the Government and Minister for Ecological Transition and the Demographic Challenge, Teresa Ribera, estimated that the Iberian exception has meant a saving of 1,383 million euros for Spanish consumers in its two months of validity.

      Ribera indicated that this figure represents a saving of 22 million euros per day for Spanish society since the mechanism came into force.

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