The price of electricity will rise this Monday by 14.57%, to 116.94 euros/MWh, the highest level in three weeks

MADRID, 10 Sep.

The price of electricity will rise this Monday by 14.57%, to 116.94 euros/MWh, the highest level in three weeks


The average price of electricity for regulated tariff customers linked to the wholesale market will rise this Monday, September 11, by 14.57% compared to this Sunday, up to 116.94 euros per megawatt hour (MWh), the level highest since last August 24.

By time slots, the maximum price, of 148.80 euros/MWh, will be registered between 9:00 p.m. and 10:00 p.m., while the minimum price will be between 2:00 p.m. and 3:00 p.m., with 90 euros/MWh, according to the data provisional statements of the Iberian Energy Market Operator (OMIE) collected by Europa Press.

In these first eleven days of the month, the average of the electricity market stands at 99.98 euros/MWh, compared to the 157.19 euros/MWh that the 'pool' price registered in the same period of September 2022.

To this average price of the 'pool' would be added the compensation to the gas companies, which must 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 , have an indexed rate, but which is again at 0 euros/MWh, a situation that has been repeated since February 27.

The so-called 'Iberian exception' was extended until December 31, following the agreement reached by Spain and Portugal with the European Commission.

Thus, it lasted seven months, until the end of this year, and it was not excluded that it could be extended for a longer time if said framework was also increased.

Specifically, the agreement not only represented an extension of the Iberian exception that was already applied, but also implied some adjustments to accommodate it, such as the price reference, which until then had increased by five euros per month, and became softer. .

In the original agreement, the aforementioned reference price for gas had an average value of 48.8 euros/MWh: it was 40 euros/MWh for six months, rising 5 euros/MWh each month thereafter. It increases by 1.1 euros/MWh since last April, to conclude at 65 euros/MWh.

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 will allow maintaining a reasonable price, not so dependent on the evolution of natural gas.