By Chris King • 28 March 2022 • 0:19
Image: creative commons
The average price of electricity in the wholesale market in Spain and Portugal this Monday, March 28 will rise 5.6 per cent. Specifically, it stands at €231.72/MWh. Compared to the corresponding day one year ago, this is 500.31% more expensive.
According to data published by the Iberian Energy Market Operator (OMIE), collected by Europa Press, the maximum electricity price tomorrow will be between 9pm and 10pm, at €288.86/MWh. The minimum, of €195.01/MWh, will be recorded between the hours of 5am and 6am.
The prices of the ‘pool’ have a direct impact on the regulated tariff – 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.
It has been verified by the National Commission of Markets and Competition (CNMC) that in 2021, around 1.25 million people switched from the PVPC to a rate in the free market at a fixed price.
When the Russian invasion of Ukraine began on February 24, the wholesale market price was €205.60/MWh. Since then, there has been an almost daily rise in the price that reached its peak on March 8, when the price stood at the absolute record of €544.98/MWh, 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.
Share this story
Subscribe to our Euro Weekly News alerts to get the latest stories into your inbox!
By signing up, you will create a Euro Weekly News account if you don’t already have one. Review our
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.
Got a news story you want to share? Then get in touch at [email protected]
Your email address will not be published. Required fields are marked *
Download our media pack in either English or Spanish.