The light will rise tomorrow to 270.17 euros and will register its maximum price since March 11

SERVIMEDIAMADRID Updated: 06/20/2022 14:40h
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average price of electricity in the wholesale market
This Tuesday it will be 270.17 euros per megawatt hour (MWh), in what results from the sum of the price marked in the 'pool' plus the compensation to the gas companies, which represents a rise of 4.44% with compared to 258.68 euros this Monday and its maximum since March 11, according to the latest data from the Iberian Electricity Market Operator (OMIE), collected by Servimedia.

The price marked in the 'pool' will reach 148.03 euros per megawatt hour, 6% less than the 157.48 euros of this Monday. Gas compensation will increase by 20.7%, to an average of 122.14 euros per megawatt hour.

This compensation to gas companies is part of the ceiling known as the 'Iberian exception', a measure that will cost some 8,400 million euros that will be used to subsidize combined cycles, of which 6,300 million will be assumed by the Spaniards and the rest by the Portuguese.

To give its approval to this initiative, the European Commission recognized that the Spanish and Portuguese economies are experiencing a serious disturbance due to their energy isolation from the rest of Europe, which has increased after the invasion of Ukraine. The measure will apply until May 31, 2023.

The modality of the aid will be the payment of a direct subsidy to electricity producers in order to finance part of their fuel costs. The daily payment will be calculated as the price difference between the market price of natural gas and a maximum limit of the price of gas set at an average of 48.8 euros per megawatt during the period of validity of the measure.

The gas compensation is currently paid by consumers with electricity contracts indexed to the wholesale price of the electricity market and by consumers who have renewed their contract at a fixed price since last April 26. The objective is that the number of consumers who pay the compensation gradually increases so that the price per client is lower.

26.22% more than the previous week

The final price will be the highest since March 11, when the 'pool' registered an average price of 284.54 euros per megawatt hour. Compared to Tuesday of last week, when the average cost was 214.05 euros, the price will be 26.22% higher, while compared to 178.71 euros a month earlier, on May 21, electricity will be 51.18% more expensive.

On the other hand, compared to the 82.55 euros per megawatt hour registered a year ago, on June 21, 2021, the price of electricity will be 227% higher.

The minimum price without taking compensation into account will be registered between 4:00 p.m. and 5:00 p.m., with 126.36 euros, and the maximum between 9:00 p.m. and 11:00 p.m., when the figure of 180.03 euros per MwH will be reached.

For its part, the highest gas compensation will occur between 04:00 and 05:00, when consumers will pay 180.24 euros per megawatt hour, while the minimum will occur between 15:00 and 16:00, with 81.76 euros.

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