Electricity prices to drop this Sunday 5

The price of electricity in Spain and Portugal on Monday, May 2.

Electricity prices to drop this Sunday 5

According to data from the Market Operator Iberico de la Electricidad (OMIE), the price of electricity tomorrow, Sunday, will finally drop, going below €200/MWh for the first time in 17 days.

In fact, at one point during the day, it will be the cheapest since November 1, when a price of €91.2/MWh was recorded. Specifically, the average price of electricity in the wholesale market, or ‘pool’, will fall  by 53.84 per cent tomorrow, Sunday, compared to that of today Saturday 4, standing at €101.97/MWh,

The maximum price of electricity for this Sunday will be between 10pm and 11 pm, when it will reach €251.65/MWh. Tomorrow’s minimum price will be registered between 6am and 7am, when it will cost just €2.67/MWh. Throughout the morning, until 9am, the price will be below €10/MWh.

The prices of the ‘pool’ have a direct effect on the regulated tariff – the so-called PVPC – to which almost 11 million consumers in the country are connected. This serves as a reference for the other 17 million that have contracted their supply in the free market.

According to data from Facua, Consumidores en Accion, the electricity bill of an average user with the regulated tariff – the so-called PVPC – stood in November at €115.18 euros. That is 68.1 per cent above the €68.50 for the same month last year. Making it the second most expensive bill in history, after last October.

The association points out that the electricity bill for December would have to be negative in order for the promise made by the President of the Government, Pedro Sanchez, to be fulfilled, where he said consumers will pay the same as in 2020, as reported by larazon.es.

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Written by

Chris King

Originally from Wales, Chris spent years on the Costa del Sol before moving to the Algarve where he is a web reporter for The Euro Weekly News covering international and Spanish national news. Got a news story you want to share? Then get in touch at [email protected]

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