these will be the most expensive hours

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The price of electricity tomorrow for regulated rate customers linked to the wholesale market will rise on Wednesday by 33% Compared to this Tuesday, up to 86.86 euros per megawatt hour (MWh). In the auction, the average price of light in the wholesale market -the so-called ‘pool’- will stand at 90.53 euros/MWh. The maximum price will be recorded between 9:00 p.m. and 10:00 p.m.with 160 euros/MWh, while the minimum cost for tomorrow’s session will be 4.11 euros/MWh between 04:00 and 06:00, according to provisional data from the Iberian Energy Market Operator (OMIE).

To this ‘pool’ price is added the compensation to gas companies that has to be paid by consumers who are beneficiaries of the measure, consumers of the regulated rate (PVPC) or those who, despite being in the free market, have an indexed rate, which for this Wednesday, for the eighth consecutive day, will show a negative balance with -3.67 euros/MWh.

The low prices of these last days, with respect to those of the last months, are driven, in addition to the more contained natural gas prices in the country, by the greater participation of renewable energies, especially wind power, in the ‘mix’ . In fact, This technology broke an instantaneous wind production record on Mondaygenerating 20,594 megawatts (MW) at 6:40 p.m., reaching 56% of electricity production.

The electricity bill: 24% less than without applying the measure

In the absence of the mechanism of the ‘Iberian exception’ to cap the price of gas for electricity generationthe price of electricity in Spain would be on average about 114.13 euros/MWhwhich is about 27.27 euros/MWh more than with the compensation for customers of the regulated rate, who will thus pay 24% less on average.

The ‘Iberian mechanism’, which came into force on June 15, limits the price of gas in Spain and Portugal for electricity generation to an average of 48.8 euros per MWh over a twelve-month periodthus covering the next winter, a period in which energy prices are more expensive.

Specifically, the ‘Iberian exception’ sets a path for natural gas to generate electricity 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.

Source: lainformacion.com

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