ANDl average electricity price for regulated rate customers linked to the wholesale market According to the data, since the Iberian exemption came into effect on June 15, this Wednesday will increase by 3.69% compared to Tuesday, reaching a new maximum of 476.39 euros per megawatt hour (MWh). Provisions of the Iberian Energy Market Operator (OMIE).
In this way andprice rises again and exceeds the previous maximum since its entry into force ‘Iberian exception’, registered today with 459.4 euro/MWh.
This Wednesday’s 476.39 euro/MWh will be the second highest price in history for regulated rate customers linked to the wholesale market, This is just behind the record of 544.98 euro/MWh recorded on 8 March before the gas cap came into effect.
At the auction, The average electricity price in the wholesale market, called the ‘pool’, will be 187.3 Euro/MWh this Wednesday. The maximum price will be recorded at 227.82 Euro/MWh between 00:00 and 01:00, with a minimum of 156.25 Euro/MWh for the day between 16:00 and 17:00.
‘Pool’ at this price 289.09 euro/MWh compensation added To gas companies, regulated rate (PVPC) consumers, or those who have an indexed tariff despite being in the free market, which must be paid by consumers benefiting from the measure.
East Natural gas prices have driven the spiral of high electricity prices in the last week. This is at maximum levels mainly as Gazprom announced to Germany that it will cut off the gas pump for three days from August 31.
In this regard, the French energy supply company Engie reported that Gazprom has reduced its gas supply since Tuesday, which has already fallen significantly since the start of the war in Ukraine, due to the disagreement between the parties in the implementation of some contracts.
AgainGas futures contracts fell 4.8% on Tuesday in the Dutch TTF marketplaced the contracts below 260 Euro/MWh in September.
In addition, the gas price for the electricity market in Spain (offered daily by Mibgas) for 31 August It stands at 230 Euro/MWh compared to 80 Euro on 15 June. (when the ‘Iberian exception’ starts to apply). That is, it has increased 187.99% since then.
10.7% less than applying the measure
In the absence of the ‘Iberian exception’ mechanism that limits the price of gas for electricity generation, electricity price In Spain it will average 533.46 Euro/MWh, which is approximately 57.07 Euro/MWh more than compensation for customers of the regulated tariff, so on average they will pay 10.7% less.
Electricity market prices in the rest of European countries will also point to particularly high levels this Wednesdayyes So, in the case of France it would be over 650 Euro/MWh, in Germany it would be over 600 Euro/MWh. It will exceed 516 euro/MWh in Belgium, 534 in the Netherlands and close to 700 in Austria and Switzerland (673.28 euro/MWh and 682.47 euro/MWh, respectively).
this ‘Iberian mechanism’, The law, which came into force on 15 June, limits the gas price for electricity generation to an average of 48.8 Euros per MWh over a twelve-month period, thus covering the coming winter when energy prices are more expensive.
SpecialThe ‘Iberian exception’ sets a path for natural gas at a price of 40 Euro/MWh for electricity generation in the first six months, followed by an increase of five euro/MWh per month until the end of the measure.
The government estimates The ‘Iberian exception’ meant savings of 1,383m euros for Spanish consumers in the first two months of its validity. This figure represents a saving of 22 million Euros per day for Spanish society since the mechanism came into effect.