By Chris King • Published: 28 Mar 2022 • 21:53
The price of electricity in Spain and Portugal on Tuesday, March 29. Credit: Pixabay
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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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 editorial@euroweeklynews.com
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