Gas price drop over winter predicted to lead to lower electricity bills in Spain

An Andalusian energy consultancy has said that a combination of a late start to winter and good European reserves should keep the price down

E.P.

Seville.

Friday, 22 September 2023, 14:33

The price of gas could plummet over the winter thanks to European reserves, the main driver used to generate electricity, being "practically at maximum levels" and "low temperatures will probably arrive later than usual".

Tempos Energía, an Andalusian energy consultancy, predicts "a winter of prices under control" in which the only upward force could be "the potential impact of the strikes by workers at Chevron's facilities in Australia", a plant that represents five percent of the world's liquid natural gas supply.

According to the analysis by general manager of the energy consultancy, Antonio Aceituno, in the event that the central European winter is late in arriving, there would be "a collapse of the Iberian gas market" to the level of 20 euros per megawatt hour, or even 15 euros per megawatt hour, resulting in prices for the pool between 60 and 70 euros per megawatt hour on average. This in turn will lead to cheaper electricity prices for consumers.

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