The price of electricity in Spain and Portugal on Monday, March 28

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The price of electricity in Spain and Portugal on Monday, March 28, will be 500.31 per cent  more expensive than on the same day in 2021

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.

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Written by

Chris King

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]

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