The price of electricity in Spain and Portugal on Tuesday, March 29

The price of electricity in Spain and Portugal on Tuesday, March 29. Credit: Pixabay

The price of electricity in Spain and Portugal on Tuesday, March 29, will be 443 per cent more expensive than last year

The average price of electricity in the wholesale market in Spain and Portugal this Tuesday, March 29, will rise by 7.07 per cent. Specifically, it will stand at €248.10/MWh.

Compared to what was paid last year, this Tuesday’s price will be 443 per cent more expensive than the €45.69 of March 29, 2021.

According to data published by the Iberian Energy Market Operator (OMIE), the maximum electricity price this Tuesday will be between 9pm and 10pm, at €279.60/MWh. The minimum, €210/MWh, will be registered between the hours of 3am and 4am.

On February 24, when the Russian invasion of Ukraine began, the wholesale market price was €205.60/MWh. Since then, there has been an almost daily rise in the price, reaching its peak on March 8, to 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. That is some €55 more than the average for December 2021, which was the most expensive month in history, with an average price of €239/MWh.

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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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