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 ‘pool’ will be 135.35 euros/MWh. To this should be added 83.86 euros/MWh for compensation to the gas companies, so that the real average price for the regulated tariff consumer 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 bill 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 be in two sections. Specifically, between 03:00 and 04:00, at dawn, and from 10:00 to 12:00, 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 every hour?
– From 00 to 01 hours: 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 13 hours: 106.84 euros/MWh.
– From 13 to 14 hours: 120 euros/MWh.
– From 2:00 p.m. to 3:00 p.m.: 117.99 euros/MWh.
– From 15 to 16 hours: 130 euros/MWh.
– From 4:00 p.m. to 5:00 p.m.: 137.07 euros/MWh.
– From 5:00 p.m. to 6:00 p.m.: 139.32 euros/MWh.
– From 6:00 p.m. to 7:00 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 p.m. to 11 p.m.: 200 euros/MWh.
– From 23 to 24 hours: 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 experiencing 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 limit the price of gas for electricity generation, the price of electricity in Spain would be an average of 332.44 euros/MWh, which is around 88.25 euros/MWh more than with the compensation for clients of the regulated rate, 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 over a period of twelve months, thus covering the coming winter, a period in which 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 five euros/MWh until the end of the measure .