France pockets a Spanish subsidy of half a million euros a day thanks to the Iberian cap
In this week the price in France with respect to what was paid in the wholesale market fell 23 euros per megawatt hour, practically the same as in Spain, where the reduction was 24.8 euros compared to what it would have cost without the cap and once the compensation was applied to the plants.
However, the average savings for Spanish consumers were 9% when the Government foresees between 15% and 20%. For now it only happened on Saturday (19%) and Sunday (21%) last weekend.
France pockets a Spanish subsidy of half a million euros a day thanks to the decree that imposes an Iberian cap on the price of gas to generate electricity.
This is clear from the volume of imports from France in the first week of the entry into force of this mechanism and the savings that it means for the neighboring country to get hold of Spanish electricity.
This saving reaches 23 euros / megawatt hour, according to data provided to this newspaper by the Association of Electric Energy Companies (Aelec).
This figure is an average, but there are days like this Wednesday when the savings for France amount, according to the association of the country’s large electricity companies, to 72 euros, which implies that with the volume of imports, it leaves the French operator as congestion rents 1.2 million in a single day.
Depending on how the price of gas evolves, France can receive through these exports between 600 and more than one billion Spanish subsidies during the current year of the so-called Iberian exception, according to different experts in the sector consulted.