these will be the most expensive hours
The price of light morning for regulated rate customers linked to the wholesale market 75% will shoot up on Thursday Compared to this Wednesday, up to 152.14 euros per megawatt hour (MWh). In the auction, the average cost of electricity in the wholesale market -the so-called ‘pool’- will stand this Thursday at 137.74 euros/MWh.
The Maximum price will be registered between 9:00 p.m. and 10:00 p.m., with 195.76 euros/MWh, while the minimum cost for the day in the morning It will be 110.97 euros/MWh, between 05:00 and 07:00, 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 Thursday, after eight consecutive days showing a negative balance, will be 14.4 euros/MWh.
The electric bill: 15.8% less than without the mechanism
In the absence of the mechanism of ‘Iberian exception’ to cap the price of gas for electricity generation, the price of electricity in Spain would be around 180.67 euros/MWh on average, which means around 28.5 euros/MWh more than with compensation for regulated rate customers, who will thus pay 15.8% less on average.
The ‘Iberian mechanism’, which came into effect on June 15, limits the price of gas 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 for electricity generation from a price of 40 euros/MWh in the initial six months -until December 15-, and then, a monthly increase of five euros/ MWh until the end of the measure.
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