Electricity in Spain drops by around 30% for New Year’s Eve

The average price for electricity in Spain on New Year’s Eve falls by around 30%

The average price of electricity in the wholesale market – or ‘pool’ – in Spain, will fall this Friday 31, dropping by 29.8 per cent compared to this Thursday 30. This will bring an end to the escalating prices experienced this week, seeing energy finishing 2021 standing at €140/MWh.

According to provisional data published by the Iberian Energy Market Operator (OMIE), and collected by Europa Press, specifically, the ‘pool’ will see an average price of €140.82/MWh tomorrow, compared to today’s €200.68/MWh.

Despite this significant decrease, when compared to a cost of €48.66/MWh the same day last year, it reveals an increase of 189 per cent.

Friday’s most expensive time will be between 7pm and 8pm, when the price will be €193.15/MWh. The cheapest will be €111.10/MWh from 5am to 6am.

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

High gas prices in the markets, and carbon dioxide (CO2) emission rights, both of which stand at record highs this year, are being blamed for the crazy increase in electricity prices.

December’s average at the moment is €239.10/MWh, which is €39 more than October, which, at €200/MWh, was already the most expensive month for electricity in Spanish history, as reported by lasprovincias.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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