Electricity prices will hit a new annual high this Friday
The average wholesale market electricity price will break through a new daily annual high this Friday before reaching €124.55 per megawatt hour (MWh). This increase in the “pool” will affect regulated market clients or PVPC, which are affected by daily price fluctuations in the market.
In particular, during the day all hours will exceed the 100 EUR/MWh barrier, while maximum €147.22/MWh from 08:00 to 09:00. According to the Iberian Electricity Market Operator (OMIE), the minimum price will be €104.05/MWh and will occur between 03:00 and 04:00.
Thus, with an average value of 124.55 euros/MWh per day, the price on the wholesale electricity market exceeds 120.37 euro/MWh which was recorded on August 29 last year as the highest in a single day in 2024.
This month they paid an average of 100 euros/MWh for electricity.
November is characterized less presence of wind generation compared to the same month in other years. Moreover, during this week unscheduled reactor shutdown at the Asco II plant due to a problem with the generator, which also affected power production.
So far this month The average price on the electricity market is 100 euros/MWh.compared to 68.5 €/MWh observed in October last year.
It is worth remembering that the “pool” doesn’t quite reflect the final amount in the price of electricity for the consumer who is subject to the regulated tariff. In 2024, a new method for calculating PVPC was adopted, which includes a medium- and long-term price basket for avoid strong vibrationswithout losing short-term price targets that promote savings and efficient consumption.
Thus, the share of the link to the “pool” price will gradually decrease to include links to futures marketsso they will be 25% in 2024, 40% in 2025 and 55% in 2026.