The average price of electricity in the wholesale market will rise 10.32% this Monday and will exceed 250 euros megawatt/hour (MWh), a level that had not been exceeded in the last four days.
Specifically, the average price of the pool for this Monday will be 251.87, about 23 euros more expensive what the 228.3 euros/MWh this Sundayaccording to data published by the Iberian Energy Market Operator (OMIE) collected by EP.
The Maximum electricity price will be given between 9:00 p.m. and 10:00 p.m.with 298.06 euros/MWh, while the minimum, of 172.65 euros/MWh, will be registered between 02:00 and 03:00.
The pool prices have a direct impact on the regulated tariff –the so-called PVPC–, to which almost 11 million consumers in the country are covered, and serve as a reference for the other 17 million who have contracted their supply in the free market . In fact, the National Commission of Markets and Competition (CNMC) has verified that in 2021, in the framework of the upward spiral of energy, around 1.25 million people switched from the PVPC to a rate in the free market at a fixed price.
Compared to just one year ago, the pool price for this Monday will be 807.97% higher than the 27.74 euros/MWh of April 4, 2021.
gas cap
The governments of Spain and Portugal have submitted a preliminary proposal to the European Commission to establish a reference price for gas of 30 euros per megawatt in order to lower the price of electricity.
The Third Vice President and Minister of Ecological Transition, Teresa Ribera, has made it clear that this is a joint proposal formulated by both governments and subject to negotiation with the European authorities. If the proposal is accepted, Ribera has predicted that the price of electricity it may be limited “in three or four weeks”for which he has pointed out that “we must be patient” because it is necessary that at this time the joint proposal “is well established” and that the “technical concerns of good functioning that may exist are well reflected”.
If it goes ahead, the proposal would have repercussions on pool prices due to its impact, among other issues, on the sales offers made daily in the wholesale market by combined cycle plants, which generate electricity with gas.