The average price of electricity for regulated rate customers linked to the wholesale market today rises 7.67% compared to this Wednesday and will stand at 113.96 euros per megawatt/hour (MWh), its highest level since the July 3 last. By time slots, the maximum price, of 136.01 euros/MWh, will be recorded between 9:00 p.m. and 10:00 p.m., while the minimum price will be between 2:00 p.m. and 3:00 p.m., with 89.98 euros/MWh, according to provisional data from the Iberian Energy Market Operator (OMIE).
In these first 17 days of the month, the electricity market average stands at 86 euros/MWh, compared to 154.89 euros/MWh that it registered in August 2022.
Compensation for gas companies would be added to this average 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, have an indexed rate, but which is again at 0 euros/MWh, a situation that has been repeated since February 27.
The so-called Iberian exception was extended until December 31, after the agreement reached by Spain and Portugal with the European Commission. Thus, it is extended for seven months, until the end of this year, and it is not excluded that it could be extended for a longer time if said framework is also extended.
Specifically, the agreement not only represents an extension of 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 smoother.
In the original agreement, the aforementioned reference price for gas had an average value of 48.8 euros/MWh: it was 40 euros/MWh for six months, rising 5 euros/MWh each month thereafter. Now, it will increase by 1.1 euros/MWh since last April, to conclude at 65 euros/MWh.
Currently, the mechanism has had no effect on the marginal matching processes in the wholesale markets since the end of February due to the fall 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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