The price of electricity will drop 0.92% this Sunday, despite what will continue to exceed the psychological level of 300 euros per megawatt hour (MWh).
Specifically, for this Sunday, August 28, the average price per megawatt hour in the electricity ‘pool’ will be 138.74 euros/MWh. To this should be added 243.57 euros/MWh for compensation to gas companies, so that the real average price for the regulated tariff consumer will be 382.31 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 compensation to gas companies, the cheapest hour of electricity will be before noon, between 11:00 and 12:00, when electricity will be worth 57.91 euros/MWh.
At what time is electricity more expensive?
The most expensive time to turn on the light will be late in the day, between 9:00 p.m. and 11:00 p.m., when it will cost 225 euros/MWh. After falling during the day, it will pick up again in the last three hours of the day.
How much does electricity cost every hour?
– From 00 to 01 hours: 220 euros/MWh.
– From 01 to 02 hours: 210 euros/MWh.
– From 02 to 03 hours: 185.25 euros/MWh.
– From 03 to 04 hours: 177.31 euros/MWh.
– From 04 to 05 hours: 166.39 euros/MWh.
– From 05 to 06 hours: 166.29 euros/MWh.
– From 06 to 07 hours: 173.34 euros/MWh.
– From 07 to 08 hours: 129.99 euros/MWh.
– From 08 to 09 hours: 120 euros/MWh.
– From 9 a.m. to 10 a.m.: 107 euros/MWh.
– From 10 a.m. to 11 a.m.: 70.25 euros/MWh.
– From 11 a.m. to 12 p.m.: 57.91 euros/MWh.
– From 12 to 13 hours: 67.75 euros/MWh.
– From 13 to 14 hours: 68 euros/MWh.
– From 2:00 p.m. to 3:00 p.m.: 68 euros/MWh.
– From 15 to 16 hours: 68 euros/MWh.
– From 4:00 p.m. to 5:00 p.m.: 68 euros/MWh.
– From 5:00 p.m. to 6:00 p.m.: 85.3 euros/MWh.
– From 6:00 p.m. to 7:00 p.m.: 110 euros/MWh.
– From 7:00 p.m. to 8:00 p.m.: 130 euros/MWh.
– From 8:00 p.m. to 9:00 p.m.: 210.87 euros/MWh.
– From 9:00 p.m. to 10:00 p.m.: 225 euros/MWh.
– From 10 p.m. to 11 p.m.: 225 euros/MWh.
– From 23 to 24 hours: 220.2 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 cap the price of gas for electricity generation, the price of electricity in Spain would be on average around 460.76 euros/MWh, which is around 78.45 euros/MWh more than with the compensation for clients of the regulated rate, who will thus pay 17.03% less on average.
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 .
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