By Chris King • 08 March 2022 • 21:08
The average price of electricity in the wholesale market in Spain and Portugal will drop 13.2 per cent this Wednesday, March 9. Even so, it continues to shoot up, and will mark its second-highest day in history, a situation brought about by the upward spiral of natural gas due to the impact of the war in Ukraine.
According to data published by the Iberian Energy Market Operator (OMIE), the average price of the ‘pool’ this Wednesday will be €472.97/MWh, which is €72.01 less than today’s €544.98/MWh, which marks the highest price in history to date.
By time slots, tomorrow’s maximum price will be between the hours of 7pm and 8pm, reaching €605/MWh, while the minimum, of €356.74/MWh, will be recorded between 1pm and 2pm.
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 subscribed, and serve as a reference for the other 17 million who have contracted their supply in the free market.
So far in March, the average price of a megawatt per hour in the wholesale market stands at €366.43, almost €130 euros more than the average for December 2021, which at the time was the most expensive month in history, with an average of €239, as reported by lasprovincias.es.
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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.
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