The average price of electricity closes 2023 at 87.1 euros/MhW, 58% less than in 2022

   MADRID, 30 Dic.

The average price of electricity closes 2023 at 87.1 euros/MhW, 58% less than in 2022


The average price of electricity for regulated tariff customers linked to the wholesale market closed 2023 at 87.1 euros per megawatt hour (MWh), which represents a reduction of more than half (-58%) compared to the Data from 2022, when the energy crisis of the Ukrainian war took the price to a historic 209 euros. Furthermore, this figure would have been 23% higher if it had not been for the 'Iberian mechanism'.

In this way, the average price for 2023 is close to the data for 2021, when it stood at 111.93 euros/MWh, which, in turn, was the previous historical record prior to the 2022 figure.

Likewise, the average price of the electricity pool in December was 72.17 euros/MWh, compared to the 96.95 euros/MWh that it marked on average in the same month of 2022, which implies a decrease in the 24.5%.

Specifically, the average price of electricity in January stood at 69.55 euros; in February at 133.47 euros; in March at 89.6 euros; in April at 73.73 euros; in May at 74.2 euros; in June at 93 euros; in July at 90.4 euros; in August at 96 euros; in September at 103.34 euros; in October at 90.1 euros and in November at 63.44 euros.

Compensation to the gas companies would be added to the average price of the 'pool', which has to be paid by the consumers who are beneficiaries of the measure, the consumers of the regulated tariff (PVPC) or those who, despite being in the free market, They have an indexed rate, but it is once again at 0 euros/MWh, a situation that has been repeated since last February 27.

The so-called 'Iberian exception' was extended until December 31 - the date on which it will expire - after the agreement reached by Spain and Portugal with the European Commission.

Thus, it lasted seven months, until the end of this year, when it will finally decline, as recently announced by the third vice president and Minister of Ecological Transition, Teresa Ribera.

Currently, the mechanism has not had any effect on the marginal matching processes in the wholesale markets since the end of February due to the drop in the price of natural gas below the thresholds set for its application, but, if necessary, the extension allows maintaining a reasonable price, not so dependent on the evolution of natural gas.