The price of electricity in Spain and Portugal skyrockets again on Friday, March 25

The price of electricity in Spain and Portugal skyrockets again this Friday, March 25, rising by 16.9 per cent

The average price of electricity in the wholesale market in Spain and Portugal this Friday will shoot up by 16.9 per cent. Specifically, the price will increase to €263.85/MWh.

This breaks the previous streak of eight consecutive days in which the price of the ‘pool’ had consolidated below the barrier of €250. In fact, with tomorrow’s rise, it means that in just two days, the average price of the wholesale market will have climbed by 24.2 per cent.

Compared to March 25, 2021, when the price of electricity stood at €66.35/MWh, this means Friday’s price will be 297.66 per cent more expensive than one year ago, that is, almost four times more.

According to data published by the Iberian Energy Market Operator (OMIE), the maximum electricity price for this Friday will be between 8pm and 9pm, at €300/MWh. The minimum, of 226.01/MWh, will be registered between 4am and 5am.

On February 24, when the Russian invasion of Ukraine began, the wholesale market price was €205.60/MWh. Since that date, there has been a daily rise in the price that reached its peak on March 8, when the price stood at the absolute record of €544.98/MWh.

In this context, the average price of the wholesale market so far in March stands at €294/MWh, some €55 more than the average for December 2021. That was the most expensive month in history, with an average price of €239/MWh, as reported by lasprovincias.es.

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