The price of electricity rises 21% this Wednesday, to 138.94 euros/MWh

MADRID, 8 Nov.

The price of electricity rises 21% this Wednesday, to 138.94 euros/MWh


The average price of electricity for regulated rate customers linked to the wholesale market will drop 5.2% this Tuesday compared to yesterday, Monday, to 114.55 euros per megawatt hour (MWh), according to provisional data from the Operator of the Iberian Energy Market (OMIE) collected by Europa Press.

In the auction, the average price of electricity in the wholesale market -the so-called 'pool'- will be 113.4 euros/MWh this Tuesday. The maximum price will be registered between 8:00 p.m. and 9:00 p.m., with 158.9 euros/MWh, while the minimum for the day, of 72.25 euros/MWh, will occur between 05:00 and 06:00.

Added to this pool price is the compensation to the gas companies of 1.15 euros/MWh, which must be paid by the consumers who benefit from the measure, the consumers of the regulated tariff (PVPC) or those who, despite to be in the free market, they have an indexed rate or they have to renew their contract.

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 around 123.42 euros/MWh, which is around 8.87 euros/MWh more than with the compensation for clients of the regulated rate, who will thus pay 7.18% 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 over a period of twelve months, thus covering the coming winter, a period in which which 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 measurement.