On Friday, November 4, the average price of electricity in Spain will increase by 29.6%.
The average price of electricity for customers at the regulated tariff connected to the wholesale market in Spain will increase by 29.6% on Friday November 4 compared to Thursday November 3. More specifically, it will stand at €155.82/ MWh.
According to provisional data from the Iberian Energy Market Operator (OMIE), during the auction, the average price of electricity in the wholesale market – the so-called “pool” – will be 150, €44/MWh tomorrow.
Friday’s maximum price will be recorded between 8 p.m. and 9 p.m., at €217.74/MWh, while the day’s minimum, at €112.44/MWh, will occur between 3 p.m. and 4 p.m.
To this pool price is added the compensation to gas companies of €5.38/MWh which must be paid by consumers who benefit from the measure, consumers of the regulated tariff (PVPC), or those who, although on the free market, have an indexed tariff or must renew their contract.
In the absence of the “Iberian exception” mechanism to cap the price of gas for electricity production, the price of electricity in Spain would average around €171.91/MWh. This is approximately €16/MWh more than with the compensation of regulated tariff customers, who will then pay 9.36% less on average.
The “Iberian mechanism”, which entered into force on 15 June, limits the price of gas for electricity production to €48.80/MWh on average over a period of twelve months covering the coming winter, a period during which energy prices be more expensive.
Concretely, the “Iberian exception” sets a trajectory for natural gas for electricity production from a price of €40/MWh in the first six months – until December 15 – and thereafter, a monthly increase of €5/MWh until the end of the measurement.
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