Electricity will fall again this Saturday by more than 19% to 302.78 euros per megawatt hour (MWh), its lowest price since last August 22, according to the results of the auction in the wholesale market or “pool” and the adjustment to be paid after the gas cap to compensate the plants that use this material. In addition, according to data from the electricity market operator OMIE and the Iberian Gas Market (Mibgas), the wholesale price of electricity (which consumers pay with a regulated rate) will be around 77 euros less compared to the 379.86 euros that would have been paid per megawatt hour had the cap on gas for electricity generation not been in place. This new fall, the third consecutive , comes after the president of the European Commission, Ursula von der Leyen, announced a few days ago that the Community Executive was studying a possible “emergency intervention” in the electricity market. The Commission’s decision comes after a month of august in the that record prices have been set throughout Europe, with an average of 308.63 euros/MWh in the case of Spain, which has made it the month with the most expensive electricity in history. However, in recent days European electricity markets have taken a breather thanks to the drop in gas prices, although they remain at unusually high levels as a result of the Russian invasion of Ukraine. The highest price will be registered in Italy, where it will drop to 476.07 euros/MWh, ahead of France, with 416.62 euros/MWh. In the United Kingdom, an average price of 269.41 pounds/MWh (about 312 euros at the current exchange rate) will be reached, compared to 287.75 euros /MWh from Germany. In Portugal, where the cap on gas is also applied by virtue of the so-called “Iberian exception”, the price of the auction will be the same as in Spain, a country with which it shares a market.
AUCTION AND ADJUSTMENT
In the case of considering only the results of the auction in the wholesale market, without including the adjustment that the beneficiaries of the cap on gas must pay to compensate the plants that use this material, electricity will fall by more than 21%, to reach at 119.22 euros/MWh. By time bands (and always without including the aforementioned adjustment), the maximum price will be recorded between 9:00 p.m. and 10:00 p.m., with 206.8 euros/MWh; while the minimum will be 23.77 euros/MWh, between 4:00 p.m. and 5:00 p.m. However, to these amounts must be added the cost of the adjustment to gas plants, the amount of which varies depending on the volume that the system needs and its price, and it affects households and beneficiary companies. For tomorrow, the provisional average adjustment for consumers will be 183.56 euros/MWh, some 64 euros higher than the average price of the auction, but about 40 euros less than yesterday’s adjustment, with which the final price will be 302.78 euros/MWh, more than double that of a year ago.