These are profits that have fallen from the sky for the French operator that the third vice-president of the Government, Teresa Ribera, initially tried to avoid through a double auction system, but that the European Commission vetoed so that the Community market would not be fragmented.
According to European regulation, exchanges between member countries generate so-called congestion rents that are distributed equally between the systems of both countries managed by Red Eléctrica in Spain and Réseau de Transport d’Électricité in France.
That means that the Spanish system receives half of that income produced by exports to France. But once discounted, the French system pockets the aforementioned half a million euros a day.
During the first week of operation of the Iberian exception, the combined cycle plants have worked as it had not happened for years. When on Wednesday of last week they generated 42.2% of the light, it was necessary to go back to 2008 to find a day in which 40% of the contribution to the electricity system was exceeded.
This high activity has been subsidized since the Government launched the cap and a great beneficiary is France, which is thoroughly squeezing the interconnection capacity these days.
And, according to Aelec’s forecasts, it will remain so. “As there are lower prices, France demands all the possible energy that fits through the interconnection,” explain sources of the association.
“We produce to meet our demand and to cover exports to France.” There will also be – there already was – export flow with Morocco, although to a much lesser extent, since the links have a lower capacity. There is even an export balance with Portugal, which shares prices, although in this case it has more to do with the Portuguese dependence on hydraulic production in a very dry year.
For comparison, before the implementation of the measure, approximately during 50% of the hours France and the peninsula had a similar price and during the remaining 50% exports or imports were given, depending on the tariffs.
“Now this is going to change and the only thing that is going to be there is an export flow to France,” they point out from the organization.
It is estimated that this flow will be around 25 terawatt hours; that is, it will quintuple the between 5 or 6 TWh that are normally exported and is already close to 10% of the shared electricity demand of Spain and Portugal for a year.