The price of electricity rises this Tuesday until 365.33 euros per megawatt hour (MWh), its highest price since the gas limit came into force and 35% more expensive than the value of this Monday, according to provisional data from the Iberian Energy Market Operator (OMIE).

In the auction, the average price of electricity in the wholesale market – the so-called pool– It has been placed for this Monday at 182.93 euros/MWh. The maximum price will be recorded between 10:00 p.m. and 11:00 p.m.with 250 euros/MWh, while the minimum will be reached between 04:00 a.m. and 05:00 a.m. €148.60/MWh.

To this price is added the compensation of 182.40 euros/MWh to the gas companies that has to be paid by the consumers who benefit from the measure, the users of the regulated rate (PVPC) or those who, despite being in the free market, have an indexed rate.

In this way, this Tuesday the highest level is recorded since the so-called ‘Iberian exception’ came into force in mid-June and the level of 360 euros/MWh is exceeded for the first time, including compensation to gas companies.

If the ‘Iberian exception’ were not applied, the price of electricity in Spain would be 476.76 euros/MWh on averagewhich is about 111.43 euros more than with the compensation for clients of the regulated rate, who will thus pay 23.37% less on average.

The ‘Iberian mechanism’, which entered into force on June 15, limits the price of gas for electricity generation to an average of 48.8 euros per MWh for 12 months, thus covering the coming winter, when energy prices are expected to be more expensive.

This increase in the cost of electricity occurs with some levels of the TTF gas price in the Netherlands, a reference in the European market, at maximum levels, with the futures for September trading this Monday at new maximum levels, with almost 290 euros/MWh after registering a rise of more than 18%.

For its part, in the Iberian natural gas market (Mibgas) its price is exchanged this Monday at 189.56 euros/MWh.

The third vice-president of the Government and minister for the Ecological Transition and the Demographic Challenge, Teresa Ribera, estimated last week that the ‘Iberian exception’ has meant a saving of 1,383 million euros for Spanish consumers in its two months of validity. The minister then indicated that this figure represents a savings of 22 million euros per day for Spanish society from the entry into force of the mechanism.

Along with this mechanism, there is also the energy saving plan launched by the Government, which establishes minimum and maximum temperatures in establishments and requires the lighting of shop windows and public buildings to be turned off after 10:00 p.m.

This measure has caused electricity demand to drop by 9.5% in the second week since this measure came into force. This figure doubles the drop of 3.7% recorded in the first week of the implementation of this measure.

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