MADRID – On Thursday, December 22, the electricity price in Spain was the lowest so far this year. The average price of electricity on the wholesale market – the so-called ‘pool’ – was then €51.64/MWh.
The price of electricity tomorrow for regulated tariff customers connected to the wholesale market will fall by 19.55% on Thursday compared to Wednesday, to €52.151 per megawatt-hour (MWh).
To the pool price of €51.64, MWh has added a fee for gas companies, to be paid by consumers who are beneficiaries of the measure, consumers of the regulated tariff (PVPC) or those who, despite being on the free market, have an indexed rate, which for today stands at €0.47/MWh.
Related: Electricity bill in Spain fell on an annual basis for the first time in 21 months
Although the price for today will be the lowest of the whole year, the average for regulated tariff customers connected to the wholesale market between December 1 and December 22 still averages €174.21/MWh, compared to €116/MWh in the same period of the previous month.
61.6% less than without the application of the ‘Iberian exception’
Without the mechanism of the ‘Iberian exception’ to cap the price of gas for electricity generation, the price of electricity in Spain would average around €136.74/MWh. That is about €84.23/MWh more than the compensation for regulated tariff customers. They pay an average of 61.6% less.
The ‘Iberian Mechanism’, which entered into force on June 15 limits the price of gas for electricity generation to an average of €48.8/MWh for a period of 12 months and thus covers the coming winter, a period in which energy prices will be higher.
The most expensive and cheapest hour on Thursday
The highest electricity rate today is between 8.00 pm and 9.00 pm, at €77.03/MWh. The lowest price, on the other hand, of €30.05/MWh, was between 2.00 am and 3.00 am. This is evident from preliminary data from the Manager of the Iberian Energy Market (OMIE).