In the wholesale electricity market, prices are set week by week. Tomorrow, the price is expected to fall by more than 3% to 275.4 euros per megawatt hour (MWh). This adjustment reflects auction results on the pool market and the impact of the gas cap intended to offset costs for facilities that rely on natural gas. Market operators and regulators indicate that this price is the wholesale level charged to consumers under regulated tariffs, reflecting today’s market dynamics and policy measures in place for the energy sector (Source: OMIE, Mibgas).
According to electricity market operator OMIE and the Iberian Gas Market (Mibgas), the 275.4 euros/MWh figure represents what would be paid wholesale, assuming the gas cap remains in force. It is approximately 52 euros lower than the 327.78 euros/MWh that would have occurred if the gas cap had not been applied. This price is designed to aid electricity generation while accounting for the cap’s effect (Source: OMIE, Mibgas).
In a broader context shaped by Europe’s energy crisis, driven in part by the conflict in Ukraine, energy ministers from the European Union recently agreed to measures aimed at reducing electricity consumption and tempering profits of energy companies. They also requested proposals from the European Commission for an immediate and temporary response in the electricity market, including new considerations on the price of Russian-origin gas (Source: European Council statements, energy ministers).
Among the largest European economies, price levels for electricity vary by country. Italy is projected to record the highest price at 405.2 euro/MWh, while Germany is expected to see around 391.94 euro/MWh and France approximately 390.94 euro/MWh. In the United Kingdom, the price is about 308.37 pounds per MWh, translating to roughly 352 euros at current exchange rates. In Portugal, where the Iberian market operates under the so-called Iberian exception, the auction price aligns with Spain’s, reflecting the shared market structure (Source: European energy market reports, 2024–2025).
Auction and setup
If only wholesale auction results are considered, excluding the adjustments paid by beneficiaries to compensate facilities that rely on gas, the base electricity price stands at 161.42 euro/MWh, up more than 8% from the previous period (Source: OMIE market data).
Based on time-of-use assumptions, the highest daily price is expected to occur between 21:00 and 22:00 at about 252 euro/MWh, while the lowest point is anticipated between 16:00 and 17:00 at around 98.5 euro/MWh. These figures exclude the additional adjustments tied to gas-powered plants, which depend on the volume needed and the system’s price dynamics, and can affect households and beneficiary companies (Source: OMIE daily market outlook).
When the gas-power plant adjustment is included, the final numbers shift. The temporary average adjustment for consumers stands at 113.98 euro/MWh, resulting in a final price of 275.4 euro/MWh, which is roughly 82% higher than the same period a year earlier. This reflects the combined effect of wholesale movements and policy-driven adjustments aimed at stabilizing the market (Source: OMIE, Mibgas; EU policy briefings).
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