second lowest so far this year
The price of light tomorrow for regulated rate customers linked to the wholesale market will fall on Tuesday by 6% with respect to this Monday, up to 65.35 euros per megawatt hour (MWh), second lowest price so far this yearafter last Saturday (55.98 euros/MWh).
In the auction, the average price of light in the wholesale market -the so-called ‘pool’- will stand on Tuesday at 73.36 euros/MWh. The maximum cost will be recorded between 8:00 p.m. and 9:00 p.m.with 108 euros/MWh, while the minimum for the day will be 47.2 euros/MWh between 04:00 and 06:00, according to provisional data from the Iberian Energy Market Operator (OMIE) collected by Europa Press.
At this pool price compensation to gas companies is added that has to be paid by the consumers who are beneficiaries of the measure, the consumers of the regulated rate (PVPC) or those that, despite being in the free market, have an indexed rate, which for this Tuesday, for the seventh consecutive day, will show a negative balance with -8.01 euros/MWh. The low prices of these last days are driven, in addition to the more contained natural gas prices in the country -it was trading on Monday at 51.58 euros/MWh in Mibgas-, by the greater participation of renewables, especially wind, in the ‘mix’, which at times has accounted for more than 50% of the generation.
The electricity bill: 33.2% less than without the Iberian exception
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 around 97.89 euros/MWh on average, which It supposes about 32.5 euros/MWh more than with the compensation for regulated rate customers, who will thus pay 33.2% 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, period when energy prices are more expensive.
Specifically, the ‘Iberian exception’ sets a path for natural gas for electricity generation from a price of 40 euros/MWh in the initial six months -until December 15-, and subsequently, a monthly increase of five euros/ MWh until the end of the measure.
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