By Chris King • 05 April 2022 • 0:25
Image of electricity pylons.
Credit: Creative Commons 2.0
The average price of electricity in the wholesale market in Spain and portugal will rise by 5.41 per cent this Tuesday, April 5. That means once again it will exceed the level of €250/MWh for the second consecutive day.
According to data published by the Iberian Energy Market Operator (OMIE), the price will be €265, some €13.61 more expensive than the €251.41/MWh on Monday 4.
The maximum price this Tuesday will be between 8pm and 9pm, at €300.97/MWh, while the minimum, of €205.5, will be registered between the hours of 2am and 3am.
Compared to just one year ago, the average price of electricity in the wholesale market this Tuesday will be 494.88 per cent higher than the €44.55 of April 5, 2021.
The governments of Spain and Portugal have submitted a preliminary proposal to the European Commission. They hope to be given the approval to establish a reference price for gas of €30 per megawatt, in order to lower the price of electricity.
Teresa Ribera, the Minister for the Environment, has made it clear that it is a joint proposal formulated by both governments, which is subject to negotiation with the European authorities.
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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.
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