The average price of electricity for regulated rate customers linked to the wholesale market today rises 10.68% compared to the holiday Tuesday to stand at 105.84 euros per megawatt/hour (MWh).
By time slots, the maximum price, of 136.1 euros per MWh, will be recorded between nine and ten at night. On the contrary, the band with the lowest price of the day will occur between one and two in the afternoon, with 86 euros per MWh, according to provisional data from the Iberian Energy Market Operator (OMIE).
During the first 16 days of the month, the electricity market average situates prices at 84.4 euros per MWh, compared to 145.13 euros registered in the same period of August 2022.
Compensation to the gas companies would be added to this average pool price, which must be paid by the consumers who are beneficiaries of the measure; that is, consumers of the regulated rate (PVPC) or those who, despite being in the free market, have an indexed rate. Although this compensation is now at zero euros per MWh consumed, a situation that has been repeated since February 27.
The so-called Iberian exception will be in force until December 31 following the agreement reached by Spain and Portugal with the European Commission. Although it is not excluded that the measure may be extended for a longer time if said framework is also extended.
The agreement not only means extending the Iberian exception that was already applied, but also implies some adjustments to accommodate it, such as the price reference, which until now increased by five euros per month, and will now be softer.
In the original agreement, the aforementioned reference price for gas had an average value of 48.8 euros per megawatt: it was 40 euros per MWh for six months, and then increased by 5 euros per month per MWh. Since last April, the price has increased by 1.1 euros/MWh to conclude at 65 euros/MWh.
This mechanism has had no effect on the marginal price 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 the maintenance of a reasonable price, not so dependent on the evolution of natural gas.
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