Spanish News

The gas cap starts: the price of electricity falls this Wednesday 22.6%

todayJune 14, 2022

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Today will be the first auction to set the gas cap that aims to stop the dizzying escalation in our energy bills. To give us an idea today the average price is 214,05 €/MWh while tomorrow the auction will start with a price not higher than 40 €/MWh.

The price of electricity will fall this Wednesday 22.6% with the application of the cap on gas, up to 165.59 euros/MWh. This is 48 euros less than today’s price (214.05 euros/MWh) and its lowest level since 29 May, according to data published by the Iberian Energy Market Operator (OMIE).

With the approval, after many weeks waiting for it, from the European Commission Spain premieres with Portugal its status of ‘Iberian exceptionality’. This new classification of the Iberian peninsula will mean that on average 48,8 €/MWh will be paid.

The third vice president of the Government, Teresa Ribera, today confirmed that both families and industry professionals will notice this reduction in their bill in July.

This premature heat wave is causing very high voltage spikes and it is expected that today and tomorrow will register the days with higher temperatures. Although today it escapes regulation, tomorrow it is also expected to exceed forty degrees in many areas of Spain, will already have this reduction that will eventually mean a discount of between 15 and 20%.

Written by: BayRadio News

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