The price of electricity experiences a 59.6% drop compared to 53.19 euros/MWh this Saturday.
Good news this Sunday regarding electricity consumption. The price of electricity falls again and stands at 21.49 euros per megawatt hour (MWh), which represents a 59.6% drop compared to 53.19 euros/MWh this Saturday, when it already experienced a decrease of 40.57% compared to the 89.5 euros/MWh of Friday.
In the auction, the average price of light in the wholesale market -the so-called ‘pool’- will stand this Sunday at 22.05 euros/MWh. The minimum price, of 3.18 euros, will be given between 04:00 and 05:00, while the maximum price will be between 20:00 and 21:00, when it will be 50.56 euros.
Compensation for gas companies is added to this pool price, which must be paid by consumers who are beneficiaries of the measure, consumers of the regulated tariff (PVPC) or those who, despite being on the free market, They have an indexed rate, which for this Sunday stands at -0.56 euros/MWh.
58% Less Than Without Applying 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 51.3 euros/MWh on average, which means 29.81 euros/MWh more than with the compensation for customers of the regulated rate, who will thus pay 58.11% 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 next winter, a period in 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, and subsequently, a monthly increase of five euros/MWh until the end of the measure .
The Spanish Executive has already asked Brussels to extend the ‘Iberian exception’ at least until the end of 2024 with a cap similar to the current one, of between 45 and 50 euros per megawatt hour (MWh).
This article is originally published on diariosur.es