Electricity will plummet this Sunday by more than 36% to 192.4 euros per megawatt hour (MWh), its lowest price since June 26, 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 (the one paid by consumers with a regulated rate) will be around 65 euros lower than the 257.38 euros to which the MWh would have been paid if the cap on gas for electricity generation had not been in place.
This new fall, the fourth in a row, comes after the state-owned Russian gas giant Gazprom (MCX: GAZP ), indefinitely suspended gas transit to Europe through the Nord Stream gas pipeline due to an oil leak found in a turbine.
Despite the Russian gas cut, tomorrow’s price will be the lowest since June 26, when electricity was 178.38 at the start of summer.
However, in recent months electricity has set record prices in European markets, with an average of 308.63 in August in Spain, which has made it the month with the most expensive electricity in history.
This has led the European Commission, through its president, Ursula von der Leyen, to announce a few days ago that the Community Executive was studying a possible “emergency intervention” in the electricity market.
For tomorrow, the general decline in prices in the main European economies will continue, although they will 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 again to 395.23, ahead of France, with 322.73.
In the United Kingdom, an average price of 222.71 (about 257 euros at current exchange rates) will be reached, compared to 242.71 in Germany.
In Portugal, where the cap on gas is also applied by virtue of the so-called “Iberian exception”, the auction price 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 also rise by 23%, to reach 146.62.
By time slots (and always without including the aforementioned adjustment), the maximum price will be recorded between 10:00 p.m. and 11:00 p.m., with 252.02; while the minimum will be 19.9, between 4:00 p.m. and 5:00 p.m.
However, to these amounts must be added the cost of adjusting the gas plants, the amount of which varies depending on the volume required by the system and its price, and affects households and beneficiary companies.
For tomorrow, the provisional average adjustment for consumers will be 45.78, with which the final price will be 192.4, 43% more than a year ago.