By Chris King • 12 March 2022 • 1:29
The price of electricity in Spain and Portugal skyrockets again.
The average price of electricity in the wholesale market in Spain will drop by 13.54 per cent this Saturday, March 12. This marks the fourth consecutive day with reduced prices, thankfully moving away from the historical high of €544.98/MWh reached on March 8.
According to data published by the Iberian Energy Market Operator (OMIE), collected by Europa Press, the average price this Saturday will be €246.05/MWh, €38.53 less today’s €284.58/MWh.
By time slots, the maximum price tomorrow will be €292.91/MWh, between the hours of 8pm and 9pm, while the minimum of €195.15/MWh, will be registered between 2pm and 3pm.
‘Pool’ prices 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 Friday at €140.5/MWh, although they have been moderating and have even fallen to €134 euros. These figures are far and increasingly away from those of Monday of this week, when first thing in the morning they reached €345/MWh.
Compared to just a year ago, the price for this Saturday will be 512.67 per cent higher than the €40.16/MWh of March 12, 2021. That is, it will be more than six times more expensive than a year ago , as reported by diariodesevilla.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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