Madrid (EFE).- The price of electricity will rise tomorrow, Friday, by about 17% to 122.4 euros per megawatt hour (MWh), its highest price since March, according to the auction held today at the wholesale market, which coincides with the first anniversary of the cap on gas.
Precisely the cap on gas will continue to not be applied because its price on the Iberian Gas Market (Mibgas) continues below the limit of 58.3 euros/MWh set by the Government for this month.
Electricity has not been paid so expensive since last March 15, just three months ago, when it reached an average price of 132.7 euros/MWh.
By time slots, electricity will reach its highest price between 9:00 p.m. and 10:00 p.m., with 156 euros/MWh; and the lowest between 3:00 p.m. and 4:00 p.m., with 97 euros/MWh.
So far in June, the light has been paid on average at 86.6 euros/MWh, 60.4% less compared to the 203 euros/MWh that it registered in the same period of 2022, while, since the beginning of 2023, electricity has cost an average of 87.2 euros/MWh, less than half of the 211.5 euros/MWh of the previous year.
Likewise, electricity will be 54% cheaper tomorrow than a year ago, when it reached 264 euros/MWh, and will set a price lower than that of its neighboring countries, with the exception of Italy, where it will reach 121.3 euros. /MWh.
In France, the average price will reach 127 euros/MWh; in Germany, 127.5 euros/MWh, and in the United Kingdom, 108.8 pounds/MWh (about 127 euros at the current exchange rate).
The gas cap turns one year old
The rise in the price of electricity coincides with the first anniversary of the Iberian mechanism, better known as the gas cap, which since it came into force has allowed the price of electricity to be reduced by nearly 15%, although in the last almost four months Its application has not been necessary due to the fall of the gas.
According to the data compiled by EFE, in the last year electricity has marked an average price of 153.2 euros per megawatt hour (MWh) in the wholesale market, which is a figure close to 15% lower compared to the 180 .7 euros/MWh that would have been reached if the gas cap had not been in place.
Although in general terms the gas cap has had very positive effects when it comes to containing the price of electricity and sending signals to the energy markets, in recent months it has had a residual effect, since its application has not been necessary by the fall of the gas.
For this reason, the cap on gas has not been applied for 110 days and has totaled 125 since it came into force, since the price of this raw material on the Iberian Gas Market (Mibgas) has remained below the maximum price at all times. established by the Government, which started at 40 euros/MWh and currently stands at 58.3 euros/MWh.
The cap on gas, which has been extended until December 31 with the aim of having a “safety net” for consumers in the event that its price rises in the coming months, has allowed Spain to have a light notably cheaper than that of neighboring countries.
Italy has been the country that has had the most expensive electricity in the last year, with an average of 256 euros/MWh, ahead of the 225.4 euros/MWh registered in France, affected by the stoppage of its nuclear reactors, and the 201 euros/MWh of Germany, weighed down by its dependence on Russian fossil fuels.