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The price of electricity rises 31.8% this Saturday, to 86.42 euros/MWh

   MADRID, 27 May.

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The price of electricity rises 31.8% this Saturday, to 86.42 euros/MWh


The average price of electricity for regulated rate customers linked to the wholesale market will rise this Saturday by 31.8 percent compared to yesterday, up to 86.42 euros per megawatt hour (MWh).

By time slots, the minimum price, of 57.85 euros per megawatt hour, will be given between 4:00 p.m. and 5:00 p.m., while the maximum price will be recorded between 11:00 p.m. and 12:00 a.m., when it will be 110 euros per megawatt hour.

Compensation to the gas companies would be added to this average pool price, which must be paid by consumers who are beneficiaries of the measure, consumers of the regulated tariff (PVPC) or those who, despite being on the free market , have an indexed rate, but for this Saturday it will be again at 0 euros per megawatt hour, a situation that has been repeated since February 27.

The average price of electricity so far in May is above 71.8 euros per megawatt hour, compared to 188 euros per megawatt hour registered in the same month last year.

The so-called 'Iberian exception' has been extended until December 31, after the agreement reached by Spain and Portugal with the European Commission. Thus, it is extended for seven months, until the end of this year, and it is not excluded that it could be extended for a longer time if said framework is also extended.

Specifically, the agreement not only represents an extension of the Iberian exception that was already applied, but also implies some adjustments to accommodate it, such as the price reference, which until now increased by five euros per month, and will now be smoother.

In the original agreement, the aforementioned reference price for gas had an average value of 48.8 euros per megawatt hour: it was 40 euros per megawatt hour for six months, rising 5 euros per megawatt hour every month thereafter. Now, it will increase by 1.1 euros per megawatt hour from April, to conclude at 65 euros per megawatt hour. For this month of May, the limit is set at 57.2 euros per megawatt hour.

Currently, the mechanism has had no effect on the marginal matching processes in the wholesale markets since the end of February, due to the drop in the price of natural gas below the thresholds set for its application, but, if necessary, the extension will allow maintain a reasonable price, not so dependent on the evolution of natural gas.