The price of electricity will rise by 10.7% this Monday, and is close to its maximum of the year, surpassing the psychological level of 400 euros per megawatt hour (MWh).
Specifically, for this Monday, August 29, the average price per megawatt hour in the electricity ‘pool’ will be 188.42 euros/MWh. To this should be added 243.94 euros/MWh for compensation to the gas companies, so that the real average price for the regulated tariff consumer will be 423.36 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 in the early afternoon, between 3:00 p.m. and 4:00 p.m., when electricity will be worth 132.9 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 10:00 p.m., when it will cost 253.07 euros/MWh.
How much does electricity cost every hour?
– From 00 to 01 hours: 215.49 euros/MWh.
– From 01 to 02 hours: 201.44 euros/MWh.
– From 02 to 03 hours: 180 euros/MWh.
– From 03 to 04 hours: 160 euros/MWh.
– From 04 to 05 hours: 173.92 euros/MWh.
– From 05 to 06 hours: 179.33 euros/MWh.
– From 06 to 07 hours: 200.25 euros/MWh.
– From 07 to 08 hours: 204.73 euros/MWh.
– From 8 a.m. to 9 a.m.: 216.88 euros/MWh.
– From 9 a.m. to 10 a.m.: 210.71 euros/MWh.
– From 10 to 11 hours: 190 euros/MWh.
– From 11 a.m. to 12 p.m.: 169.57 euros/MWh.
– From 12 to 13 hours: 160.91 euros/MWh.
– From 13 to 14 hours: 145 euros/MWh.
– From 2:00 p.m. to 3:00 p.m.: 139.99 euros/MWh.
– From 15 to 16 hours: 132.9 euros/MWh.
– From 4:00 p.m. to 5:00 p.m.: 136.94 euros/MWh.
– From 5:00 p.m. to 6:00 p.m.: 143.86 euros/MWh.
– From 6:00 p.m. to 7:00 p.m.: 180.31 euros/MWh.
– From 7:00 p.m. to 8:00 p.m.: 213.86 euros/MWh.
– From 8:00 p.m. to 9:00 p.m.: 239.01 euros/MWh.
– From 9:00 p.m. to 10:00 p.m.: 253.07 euros/MWh.
– From 10 p.m. to 11 p.m.: 247.48 euros/MWh.
– From 23 to 24 hours: 226.46 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 on average around 510.37 euros/MWh, which is around 87 euros/MWh more than with the compensation for clients of the regulated rate, who will thus pay 17.05% 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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