HE average electricity price for regulated rate customers connected to the wholesale market to get on This Sunday, December 24th, a 48.3% Up to 69.17 euros per megawatt hour (MWh), according to Saturday’s data.
Price maximum109.30 Euro/MWh will be recorded Preparing Christmas Eve dinnerAccording to provisional data compiled by the Iberian Energy Market Operator (OMIE), the minimum price of 46.99 euro/MWh will occur between 19:00 and 21:00, and the minimum price of 46.99 euro/MWh will occur between 15:00 and 16:00. By the European Press.
So the price of electricity on Christmas Eve Almost double that recorded a year agothe average price was 36.32 euro/MWh.
However, so far in December, the average price of the electricity pool is at 70.88 euro/MWh, compared to an average of 112.57 euro/MWh in the last month of 2022.
gas case
The compensation payable to gas companies will be added to the average price of the ‘pool’ payable by consumers benefiting from the measure, regulated tariff (PVPC) consumers or those consumers despite being on the regulated tariff. They have an indexed rate in the free market, but it is still at 0 euro/MWh, a situation that has been repeated since February 27.
This practice, called the ‘Iberian exception’, was extended until December 31 following the agreement reached by Spain and Portugal with the European Commission. Thus, it took seven months until the end of this year when it would finally decline, as the third vice president and Minister of Ecological Transition Teresa Ribera announced this Tuesday.
The agreement not only represented an extension of the Iberian derogation already in place, but also implied some adjustments to accommodate it, such as the price reference, which had by then increased by five euros a month and become softer.
The reference price mentioned above in the original contract, gas Its average value was 48.8 Euro/MWh: 40 Euro/MWh for six months and increased by 5 Euro/MWh every month thereafter. It ended at 65 euro/MWh, increasing by 1.1 euro/MWh since last April.
Currently, the mechanism has not had any impact on marginal matching processes in wholesale markets since the end of February. drop in natural gas price below the thresholds set for its application, but an extension, if necessary, allows maintaining a reasonable price that is not so dependent on the development of natural gas.
‘Iberian exception’ wanes on the 31st
Finally, the ‘Iberia’ mechanism will be withdrawn at the end of the year after taking into account the European Commission’s opinion that it is “not possible to implement”.
“The extension of the Iberian mechanism, which in principle expires on 31 December, requires an approval procedure from the Directorate-General for Competition of the European Commission, which makes it clear that after 31 December of this year it is understood that it is not possible to put this into practice,” the vice president said. At the press conference held after the meeting of European Energy Ministers.
Ribera argued that prices had stabilized and were below the figures recorded at the end of last year, when this extraordinary price control tool was introduced.