Gas shortage makes electricity 15% costlier despite government cap on gas

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The electricity price this Thursday will be €259.01 per MWh, once compensation for combined cycle plants is included.

Peter S.
Pedro Sánchez, with Teresa Ribera, in the act of forming the Working Group “Electric Vehicle Recharging Infrastructure”.Xavier Lizzyefe

With the cap on the price of gas for electricity generation on the second day, the price of electricity will be even higher than before: 170.81 euros, which increased to 259.01. When compensation to combined cycle power plants is included, That is, an increase of 3.15% and 15% compared to the marked figures of yesterday (165 and 224 euros). The increase is explained by the gas crisis, the cost of which – like compensation – is also rising, and the government is threatening to end the measure.

Part of the problem comes from Russia, which continues with a geopolitical pulse in which it builds muscle with fuel. Gazprom on Wednesday announced a further reduction in gas deliveries to Europe via Nord Stream because, as they alleged, it would not have been possible to continue shipping at that rate without turbines acquired from Siemens and held back by sanctions. was going .

The German government, however, believes it is a “political decision” that has nothing to do with technical reasons, according to AFP. In any case, the immediate result is a daily production of 67 million cubic meters of gas, 100 million less than two days ago. All this drives up the price of raw materials, which in terms of electricity generation cost 80 euros per megawatt hour on Wednesday to 97.54 this Thursday.

At any point in time the situation would already be complicated in itself, but in the current context it is affecting the price of electricity very directly, as it coincides with a heat wave in which the combined cycle plant literally increases due to the speed of work. smoke. On Wednesday they contributed 362 GWh to the Spanish electricity system (41.1% of the total), after 317 GWh (37.2%) on Tuesday, according to data from Red Elctrica. 40% of the inventory had not been surpassed since June 2008, when it accounted for 48% of the mix.

We should also add a few days with the very low prominence of wind power (closer to 10%) and solar photovoltaic (around 11%), which at the end of last week were closer to 25% and 15% respectively. Even the closure of the Trillo nuclear power plant has had an impact, taking longer than expected. in a few weeks With maximum temperature that goes around 40 degreesThe cooling needs ended in a perfect storm.

All this gives rise to a fairly high payment in the form of compensation for the use of gas. The government cap, the so-called Iberian exception, leaves the price at 40 euros for the first few months, but an amount must also be returned to combined cycle plants: 59.27 euros per megawatt on Wednesday and 88.20 on Thursday.

Returns vary, as it is calculated based on the efficiency of the cycles it takes to provide your electricity, as not all are created equal. First, as is logical, the most efficient operation, but if the energy demand is too high and cannot be covered with the contribution of renewable energy, it is necessary to resort to those that consume the most. And in this sense, beyond hydroelectricity (which, moreover, depends on water), gas is no substitute for instant energy production at these magnitudes, as nuclear power takes several days to become operational and is renewable. Energy depends on water whether it is wind or sun.

Meanwhile, the third Vice President and Minister of Ecological Transition, Theresa RiveraAsk for patience Speaking to Telecinco, Ribera urged “not to pre-burn” the device due to the results being much lower than expected. The reduction in the bill on the first day was around 6%, much lower than the government’s estimate, which was between 15% and 20%. “This is a shortcoming which is not negligible and it is necessary to take time to settle it in order to make an overall assessment and see how the companies and the market behave and, if necessary, introduce additional measures,” the minister said.

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