The average price of electricity in the wholesale market on the first day of application of the so-called ‘Iberian exception’ to cap the price of natural gas for electricity generation will be 165.59 euros/MWh.
The maximum price of electricity for this June 15 will be registered between 01:00 and 02:00, with 194.07 euros/MWh, while the minimum for the day, of 144.17 euros/MWh, will be registered between 16:00 and 5:00 p.m. In this way, there will be no time slot throughout the day that exceeds 200 euros/MWh.
However, this fall in the price of the pool for this Wednesday will not be transferred in full to the beneficiary consumer of the cap on natural gas, since the compensation that demand will pay for cogeneration plants and combined cycles must be incorporated.
According to OMIE data, this charge, which is calculated on an hourly basis, will be around an average of 59 euros/MWh for this Wednesday, which will be paid by the consumers who benefit from the measure, the consumers of the regulated rate (PVPC) or those who , despite being in the free market, have an indexed rate.
It will be necessary to wait to see the behavior of the agents in the first days of application so that these future price levels are definitively adjusted, sources in the sector pointed out.
The mechanism, which finally received the green light from Brussels last week, limits the price of gas for electricity generation to an average of 48.8 euros per MWh over a twelve-month period, thus covering the coming winter, a period in which that energy prices are more expensive.
Specifically, the ‘Iberian exception’ sets a path for natural gas to generate electricity at a price of 40 euros/MWh in the initial six months, compared to around 80 euros/MWh at which natural gas is quoted in Mibgas, and subsequently, a monthly increase of five euros/MWh until the end of the measure.
