The price jumps 20% to 436.25 euros/MWh when adding the wholesale market auction and compensation to combined cycle installations for the application of the gas cap
They consume less, but pay more. Spanish families are still overwhelmed with energy bills that seem not to have reached the ceiling, despite the impact of the so-called ‘Iberian exception’, so that the cost of electricity increases in Spain is more moderate than in other neighboring countries.
But not for them. Prices continue to run wild and customers with regulated tariffs will see on Wednesday how electricity has reached a new maximum since the entry into force of that cap on gas in mid-June, the second in a row this week, at 436.25 euros per megawatt hour (MWh), the third in a row. second highest price on record and nearly 20% higher than Tuesday’s. It is also dangerously close to the record EUR 545/MWh recorded on March 9.
The figure is the result of adding up the average price in the daily wholesale market auction and the fee that the beneficiaries of the ‘Iberian exception’ have to pay – those covered by the Regulated Tariff (PVPC) or those located on the free market, but with an indexed rate to the combined cycle installations for application of the measure.
Specifically, and according to data from market operator Omie, of the average 436.25 euros to be paid, 186.95 euros corresponds to the average price set on the wholesale market for this Wednesday, which will peak between ten and eleven at night. of 236.79 euros/MWh, compared to the minimum of 140.07 euros that will take place between five and six in the afternoon. Another 249.30 euros corresponds to a compensation for gas companies. That’s 57.14% of the total bill.
It is true that without the application of the Iberian exception to cut off gas, the price of electricity would be even more expensive. In concrete terms, approximately 502 euros/MWh. In other words, the beneficiaries of the measure save 65.75 euros, despite having to pay compensation to the gas companies.
However, this saving only means that the bill has risen more slowly, not that it has fallen compared to previous months. In fact, last July was the third most expensive bill in history, according to OCU data, averaging $115.27. These are 43 euros more than a year ago, when the average consumer voucher barely exceeded 72 euros.
Everything points to August breaking all records. But with gas prices in international markets skyrocketing, given the threat of another cut in Russia’s gas supply, other European countries will suffer even more from this energy supply collapse. According to data from the Ministry of Ecological Transition, most European countries will generally exceed 600 euros/MWh on Wednesday.
France will exceed EUR 645/MWh, while Italy will reach EUR 637/MWh. The average price in Germany will in turn be around 624.3 euros/MWh. All above Spain and Portugal, where the fuel cap is also used.
The government’s third vice president and minister for the ecological transition and the demographic challenge, Teresa Ribera, estimated last week that the ‘Iberian exception’ has saved Spanish consumers €1.383 million in its two months of validity.
Ribera indicated that this figure represents a saving of 22 million euros per day for Spanish society since the entry into force of the mechanism.
Source: La Verdad
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
