The price of electricity in Spain and Portugal on Wednesday, March 23

The price of electricity in Spain and Portugal on Wednesday, March 23, will drop by 6.06 per cent

The average price of electricity in the wholesale market in Spain and Portugal this Wednesday, March 23, will be €212.44/MWh. This represents a decrease of 6.06 per cent compared to the €226.14 today, Tuesday 22.

With the fifth consecutive day in which the price of electricity remains below the level of €230/MWh, a level seems to have been found, around which the price has managed to stabilise since last Friday 18.

According to data published by the Iberian Energy Market Operator (OMIE), collected by Europa Press, the maximum price tomorrow will be between 8pm and 9pm, at €249.30/MWh. The minimum, of €180.28/MWh, will be registered between the hours of 4am and 5am.

The National Commission of Markets and Competition (CNMC) has verified that last year, around 1.25 million people switched from the regulated electricity rate (PVPC) – which is indexed to the wholesale market – to one in the free market, at a fixed price.

Their figures also reveal that in 2020 there were 575,000 transfers of this type, and in 2019 about 660,000. Likewise, the CNMC highlighted that in October 2021, around 60 per cent of electricity consumers (about 18 million) had a fixed-price supply contract, which allowed them to maintain the agreed prices until the date of revision of their contracts.

On the contrary, according to calculations by the CNMC, the remaining 40 per cent of consumers with contracts indexed to the wholesale market price would have experienced a price increase of 45 per cent in 2021. That would have equalled an increase of around €229, for an average consumer, compared to 2020, as reported by lasprovincias.es.

___________________________________________________________

Thank you for taking the time to read this article, do remember to come back and check The Euro Weekly News website for all your up-to-date local and international news stories and remember, you can also follow us on Facebook and Instagram.