The price of electricity in the wholesale market will fall by 22.63%, to 165.59 euros per megawatt hour, on Wednesday, June 15, the first day on which the cap will be applied to the price of gas for electricity generation.
Thus, according to the data published by the Iberian Electricity Market Operator (OMIE), the so-called 'Iberian exception' will begin its journey with a price reduction.
The tool serves to compensate for the lower dependence on gas in the peninsula's energy system.
The European Commission gave its approval to this exception a few days ago, after several months of negotiations.
The gas price cap will be in effect until May 31, 2023 and will function as a direct subsidy to electricity producers.
This payment will be calculated daily as the difference between the market price of natural gas -which today is 80 euros, according to data from Mibgas- and a maximum limit, which will be an average of 48.8 euros during the year in which it is in operation (40 euros during the first six months).
The 22% drop in the price of electricity places electricity at its lowest level in all of June and since May 29 (when it cost 161.84 euros).
If it is compared with Wednesday of last week, when the average cost was 185.45 euros, the fall is 10.71%, while on the equivalent date of last year -the third Wednesday of June- electricity was already followed an upward trend, but still cost only 94.63 euros MWh.
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