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Malaga
Friday, 19 July 2024
The wholesale electricity market, the so-called 'pool', has once again exceeded the 100-euro-per-megawatt-hour (MWh) mark as of Thursday this week, reaching levels that have not been seen since the beginning of the year, driven by the first heatwave of the summer in Spain.
To give more detail, the average price for the day from the 'power pool' was 101.37 euros/MWh, with a maximum of 138.23 euros/MWh between 9 and 10pm on Thursday night and a minimum of 79.21 euros/MWh between 3 and 4 pm. This is according to data from the Iberian Energy Market Operator (OMIE) collected by Europa Press.
As a result, the wholesale market price exceeded the 100 euros/MWh mark this Thursday for the first time since 9 January, when it reached 113.83 euros/MWh.
The current heatwave, the first intense one this summer, will leave prices especially high considering the rather erratic behaviour of the electricity market in 2024. For instance, in April the first negative prices in history were registered in the 'pool' due to the majority presence of renewables - solar, wind and hydro - generating more energy to the grid, which led many times to price plummets.
As such the month of April ended with the lowest electricity price in history since the wholesale market was launched at an average of 13.67 euros/MWh.
The first heatwave of the summer kicked off yesterday and should peak today when maximum temperatures will exceed 40 degrees Celsius in most of Spain, reaching 44 degrees Celsius in parts of the Guadalquivir valley, according to the forecast of the national weather agency Aemet.
This increase in the 'pool' will affect customers in the regulated market or PVPC (price varies for every hour in the day), who are impacted by these daily price fluctuations.
It should be remembered that the 'pool' does not exactly represent the final amount in the price of electricity for a consumer on the regulated tariff, as with the entry into 2024 a new method of calculating the PVPC was adopted. This incorporates a plethora of prices over medium and long terms to avoid strong price swings, without losing the short-term price-points that encourage savings and efficient consumption.
In this way, the proportion linked to the 'pool' price will be progressively reduced to incorporate indications from the futures markets, so that these will represent 25% in 2024, 40% in 2025 and 55% from 2026 onwards.
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