The average electricity price for customers under fee arrangements varies with wholesale market movements. Depending on the day, Tuesday could fall 6.95 percent from Monday, reaching as low as 121.18 euros per megawatt hour or MWh, which would mark a new December low.
In the auction, the wholesale pool price for Tuesday stands at 97.69 euros per MWh. The day’s highest price is projected to peak at 147 euros per MWh between 14:00 and 17:00, while the price could dip to as little as 4.11 euros per MWh in the first six hours. This information is provided by the Market Operator Iberian Energy, OMIE, in collaboration with Europa Press.
These lower wholesale prices are driven by a strong early-day share of renewable energy in the energy mix, particularly wind power. The wind surge is linked to the storm called Efraín, which brought heavy rain and strong gusts to many parts of Spain.
This figure represents the pool price. In addition, consumers benefiting from the regulated tariff or those with an indexed tariff of 23.49 euros per MWh, even if they are in the free market, will see a compensation added as part of the measure.
51.42 percent lower than the impact of the measure
Without an Iberian exemption mechanism to cap gas costs for electricity generation, Spain would face an average price of 249.49 euros per MWh for electricity, which would be about 128.31 euros per MWh higher than the compensation granted to Spanish consumers. The regulated rate saves about half of this gap, reducing the average payment by roughly 51.42 percent.
The Iberian mechanism, which started on June 15, limits the cost of gas used for electricity generation to an average of 48.8 euros per MWh over a 12-month period. This cap is designed to cover the upcoming winter—the time of year when energy prices typically rise.
The special Iberian exception sets a price path for natural gas at 40 euros per MWh for electricity generation during the first six months. There is a scheduled monthly adjustment of five euros per MWh through the end of the measure, which runs until December 15, after which the terms may be reassessed.