Electricity in Spain this Friday 28 will cost 305% more than last year

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

Compared to the same day of 2021, electricity will cost 305% more this Friday 

The price of electricity in the wholesale market in Spain will drop by 3.4% this Friday, January 28, compared to Thursday 27, the second consecutive day of lower prices.
According to data published by the Operator of the Iberian Energy Market (OMIE), the average price of the ‘pool’ on Friday 28 will stand at €224.59/MWh. This means a drop of almost eight euros compared to the €232.50/MWh this Thursday 27.
By time slots, the maximum price of electricity for this January 28 will be between 7pm and 8pm, at €255.38/MWh. The minimum of €190/MWh, will be registered between 5am and 6am.
Compared to a year ago, the pool price for this Friday will be 305% more expensive than the one registered on January 28, 2021, when it was €55.39/MWh.
The prices of the ‘pool’ have a direct impact on the regulated rate – the so-called PVPC – to which almost 11 million consumers in the country are linked, and serve as a reference for the other 17 million who have contracted their supply in the free market.

High prices are being blamed on rising costs of gas and CO2 emission rights

The rise in the price of electricity in Spain in recent months is mainly explained by the high prices of gas in the markets, and carbon dioxide (CO2) emission rights, both of which are at all-time highs.
2021 closed as the most expensive year ever in Spanish history for energy prices, with an average price of €111.93/MWh, due to the upward spiral registered in the pool in the second half of the year.
December registered an average monthly price in the wholesale electricity market of €239.10, the highest monthly price in history, as reported by abc.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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