The price of electricity in Spain on Friday, March 11 collapses

The price of electricity in Spain on Friday, March 11 collapses dramatically

The average price of electricity in the wholesale market in Spain this Friday, March 11 has fallen by 23 per cent compared to today, Thursday 10. It will be €284.58/MWh, more than half its historical maximum that was reached last Tuesday 8.

On that date, a price of  €544.98/MWh was reached, with peaks of more than €700, created by the upward spiral of natural gas due to the impact of the war in Ukraine.

According to data from the Iberian Electricity Market Operator (OMIE), the price of electricity tomorrow will be below the barrier of €300/MWh for the first time since March 2.

Specifically, the average price of the ‘pool’ this Friday will be €85.17 euros less than today’s figure of €369.75/MWh.

By time slots, the maximum price this Friday will be between 9pm and 10pm, at €403.97/MWh, while the minimum, of €144.8/MWh, will be registered between 4am and 5am.

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.

Natural gas futures contracts traded on the Dutch TTF platform were quoted this Thursday at €157.9/MWh, although throughout the morning they relaxed and fell to €144.99. However, these figures are far and are increasingly moving away from those of Monday 7 of this week, when €345 were touched first thing in the morning.

In the days before the Russian invasion of Ukraine, the price of gas in Spain was trading below €80/MWh, while today it is at €143.9/MWh, according to data from the Iberian Gas Market (Mibgas). However, today’s record represents a reduction of 28.37 per cent compared to yesterday’s price of €200.9/MWh.

Compared to just a year ago, the price of the ‘pool’ this Friday will be 598.18 per cent higher than the €40.76/MWh of March 11, 2021. That is, it will be almost seven times more expensive than this date last year, as reported by 20minutos.es.

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