The price of electricity will rise slightly this Friday with a price increase of 4.9% compared to Thursday, close to 220 euros per megawatt hour (MWh).
Specifically, for this Friday, August 19, the average price per megawatt hour in the electricity ‘electric pool’ will be 135.35 euros/MWh. To this should be added 83.86 euros/MWh for compensation to gas companies, so the real average price for consumers of the regulated rate will be 219.21 euros per megawatt hour.
This price for PVPC customers is the product of adding the average price of the auction in the wholesale market and the compensation that the demand will pay to the combined cycle plants for the application of the “Iberian exception” to cap the price of gas for the generation of electricity.
This price, however, will only be applied to households that have contracted a regulated rate (PVPC), almost 11 million in Spain. As long as they have their invoice in the , they will only notice the increase when their contract is updated annually.
At what time is electricity cheaper?
According to data from the OMIE and without counting the compensation to the gas companies, the cheapest hour of electricity will occur in two sections. Specifically, between 3:00 a.m. and 4:00 a.m., and from 10:00 a.m. to 12:00 p.m., when electricity will cost 90 euros/MWh.
At what time is electricity more expensive?
The most expensive time to turn on the light will be at night, between 9:00 p.m. and 10:00 p.m., when it will cost 230.18 euros/MWh.
How much does electricity cost each hour?
– From 00 to 01: 135.99 euros/MWh.
– From 01 to 02 hours: 115.51 euros/MWh.
– From 02 to 03 hours: 110 euros/MWh.
– From 03 to 04 hours: 90 euros/MWh.
– From 04 to 05 hours: 91.62 euros/MWh.
– From 05 to 06 hours: 92.92 euros/MWh.
– From 06 to 07 hours: 147 euros/MWh.
– From 07 to 08 hours: 150.66 euros/MWh.
– From 08 to 09 hours: 150 euros/MWh.
– From 9 a.m. to 10 a.m.: 116.10 euros/MWh.
– From 10 a.m. to 11 a.m.: 90 euros/MWh.
– From 11 a.m. to 12 p.m.: 90 euros/MWh.
– From 12 to 1:00 p.m.: 106.84 euros/MWh.
– From 1:00 p.m. to 2:00 p.m.: 120 euros/MWh.
– From 2 to 3 p.m.: 117.99 euros/MWh.
– From 3 to 4 pm: 130 euros/MWh.
– From 4 to 5 p.m.: 137.07 euros/MWh.
– From 5 to 6 p.m.: 139.32 euros/MWh.
– From 6 to 7 p.m.: 150 euros/MWh.
– From 7:00 p.m. to 8:00 p.m.: 167.60 euros/MWh.
– From 8:00 p.m. to 9:00 p.m.: 197.32 euros/MWh.
– From 9:00 p.m. to 10:00 p.m.: 230.18 euros/MWh.
– From 10 to 11 p.m.: 200 euros/MWh.
– From 11 pm to 12 midnight: 172.28 euros/MWh.
Why does the price of electricity vary so much?
The main cause of the price fluctuations is that the price of gas is undergoing strong increases and its use is essential for the production of energy in the so-called combined cycle plants. Thus, any impact on the price of gas has an almost immediate impact on the price of electricity.
The impact of the ‘Iberian exception’
In the absence of the ‘Iberian exception’ mechanism to cap the price of gas for electricity generation, the price of electricity in Spain would be an average of 332.44 euros/MWh, which is about 88.25 euros/MWh more than with the compensation for regulated rate customers, who will thus pay 26.55% less on average.
The Third Vice President of the Government and Minister for the Ecological Transition, Teresa Ribera, has estimated that the Iberian exception has meant for Spanish consumers in its first two months of validity.
The ‘Iberian mechanism’, which came into force on June 15, limits the price of gas for electricity generation to an average of 48.8 euros per MWh for a period of twelve months, thus covering next winter, a period in which energy prices are more expensive.
Specifically, the ‘Iberian exception’ sets a path for natural gas for electricity generation at a price of 40 euros/MWh in the initial six months, and subsequently, a monthly increase of 5 euros/MWh until the end of the measure. .
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