Average final priceInformation based on provisional data as of January 2023
The average final energy price has again reached an all-time high this year. It is almost double that of last year and more than triple that of 2018 and 2019.
During 2022, the final energy in the electricity market (reference supply plus free contracting) was 2.8 % lower than the previous year.
The average final energy price on the electricity market stood at 204.79 €/MWh in 2022, once again recording the highest value in history for the second year in a row. This is almost double the price in 2021 and over three times the price in 2018 and 2019.
Components of the average final price of peninsular final energy. (Reference supply + free)
PDBF: Daily base operating schedule.
Secondary control range and RAD: From November 1, 2022, the "Range" component includes the cost of the power allocated in the active demand response service. The "RAD Service" component corresponds to the income from demand participating in the service.
Adjustment Mechanism RD-L 10/2022: From June 15, 2022, the Adjustment Mechanism component established in Royal Decree-Law 10/2022 is included.
Final energy: It includes the closure of the energy market and the consumption of auxiliary generation services.
A month-on-month comparison shows that, with the exception of the last quarter, prices have been higher than in the same months of the previous year. In March, coinciding with the historical maximum price of the day-ahead market in Spain due to the peak in gas after the start of the conflict between Russia and Ukraine, the average monthly final price also reached a historical maximum. Since June, a new component has been added to the average final price: the component of the adjustment mechanism of RD-L 10/2022, which caps the price of gas on the wholesale market. Despite this new component, the drop in the day-ahead market price means that no new highs have been recorded, despite the record highs recorded for gas in August. Since November, the Active Demand Response (RAD) service has been in place, which is applied at specific times to ensure the continuity of supply in situations of shortages of manually activated energy balance in the system. The peninsular electricity system has a total of 497 MW of power for the period from November 1, 2022, to October 31, 2023, allocated among the 1,351 MW of consumers and retailers that submitted bids in the first auction of the service organised on October 20. The marginal price of the auction process was 69.97 €/MW. There have been no activations for this service.
Evolution of the components of the average final price of energy in the electricity market
The weight of the day-ahead and intraday market components has been reduced to 83.2 %, which is the lowest percentage since 2012. The weight of ancillary services represents 3.8 %, very similar to the previous year and to that recorded in 2017 and 2018. The weight of capacity payments represents only 0.2 %, the lowest value in history, while the component of the RD-L 10/2022 mechanism, despite only being in force for just over half a year, represents 12.9 %.
Comparing the impact of the price on demand served with that of last year, the impact of the day-ahead and intraday market price has increased by more than 50 % (as the wholesale price has increased), the impact of ancillary services has increased by 82 %, and the impact of capacity payments has decreased by almost 76 %.