Tomorrow’s electricity price is set to rise by more than 3% to 238 euro per megawatt-hour, according to results from the wholesale electricity market auction held this Monday.
The figure includes the adjustment paid by those who benefit from the cap on gas used to generate power.
Without the Iberian mechanism, the wholesale price would have been 239.5 euros per MWh. The auctions are managed by the Operator of the Iberian Electricity Market (OMIE) and the Iberian Gas Market (Mibgas).
Sources from the Ministry for Ecological Transition and the Demographic Challenge told EFE that the gas market price is falling and the gap between the two values is narrowing. They also noted the theoretical efficiency of gas-fired plants is rated at 55%.
At times, there are less efficient facilities that enter the mix to meet demand on certain days. When larger gas volumes are needed, the ministry’s estimates of savings from the gas cap may appear lower than the actual data.
In neighboring markets, electricity costs are different: in Italy the price is 284 euro/MWh today, in France 269 euro/MWh, in Germany 259 euro/MWh, and about 187 pounds in the United Kingdom (roughly 214 euros at current exchange rates).
Portugal, which also applies a gas-cap mechanism for electricity generation via the so-called Iberian exception, shows a price aligned with Spain, reflecting the shared market structure between the two countries.
Auction and setup
If wholesale-market results were considered excluding the gas-cap adjustment paid by beneficiaries, the price would reach 171 euros per MWh.
Taking into account all adjustments by time zone, the highest price is expected between 20:00 and 21:00, around 246 euro/MWh, while the cheapest window is between 04:00 and 05:00, near 135 euro/MWh.
This framing shows how the gas-power adjustment interacts with daily demand and system costs. The amount varies with the volume needed and the overall system price, affecting both households and businesses that bear the adjustments in their bills.
The temporary average correction for consumers today is 67.5 euro/MWh, yielding a final price of 238 euro/MWh, about 30% higher than the same period last year.