For this Wednesday, August 31, the average price per megawatt hour in the ‘electric pool’ will be 187.30 euros/MWh. In addition, to this price is added the compensation of 289.09 euros/MWh to the gas companies that must be paid by the consumers who are beneficiaries of the measure, the consumers of the regulated tariff (PVPC) or those who, despite being in the free market, they have an indexed rate. Consequently, the average price of electricity for regulated rate customers linked to the wholesale market will rise to 476.39 euros per megawatt hour (MWh).
This cost, however, which is the second highest price in history for customers with a regulated rate, is 10.7% less than what they would pay if the ‘Iberian exception’ mechanism were not in operation. In this other way, the price would skyrocket to 533.46 euros/MWh, which would mean some 57.07 euros/MWh more.
Behind the increase in prices that has been taking place in the last week is the high price of natural gas, at maximum levels, mainly due to Gazprom’s announcement to cut gas pumping to Germany for three days as of August 31st. Consequently, the French energy supply company Engie has reported that Gazprom has reduced its gas supply since Tuesday, which had already fallen substantially since the start of the war in Ukraine due to the disagreement between the parties in the application of some contracts. .
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 during the afternoon. Specifically, between 4:00 p.m. and 5:00 p.m., when electricity will be worth 156.25 euros/MWh.
At what time is electricity more expensive?
The most expensive time to turn on the light will be at night, between 00:00 and 01:00, when it will cost 227.82 euros/MWh.
How much does electricity cost each hour?
– From 00 to 01 hours: 227.82 euros/MWh.
– From 01 to 02 hours: 195 euros/MWh.
– From 02 to 03 hours: 184.95 euros/MWh.
– From 03 to 04 hours: 181.69 euros/MWh.
– From 04 to 05 hours: 181.79 euros/MWh.
– From 05 to 06 hours: 184.95 euros/MWh.
– From 06 to 07 hours: 186.24 euros/MWh.
– From 07 to 08 hours: 224.99 euros/MWh.
– From 08 to 09 hours: 225.82 euros/MWh.
– From 9 a.m. to 10 a.m.: 220 euros/MWh.
– From 10 a.m. to 11 a.m.: 186.84 euros/MWh.
– From 11 a.m. to 12 p.m.: 167.08 euros/MWh.
– From 12 to 1:00 p.m.: 161.92 euros/MWh.
– From 1:00 p.m. to 2:00 p.m.: 165 euros/MWh.
– From 2 to 3 p.m.: 159.5 euros/MWh.
– From 3 to 4 p.m.: 156.8 euros/MWh.
– From 4 to 5 p.m.: 156.25 euros/MWh.
– From 5 to 6 p.m.: 156.68 euros/MWh.
– From 6 to 7 p.m.: 158.8 euros/MWh.
– From 7:00 p.m. to 8:00 p.m.: 179.94 euros/MWh.
– From 8:00 p.m. to 9:00 p.m.: 220 euros/MWh.
– From 9:00 p.m. to 10:00 p.m.: 227 euros/MWh.
– From 10 to 11 p.m.: 208 euros/MWh.
– From 11 pm to 12 midnight: 178.04 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’
The Iberian mechanism, which entered 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 the coming 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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