By Chris King • 05 April 2022 • 21:57
Image of a light bulb being plugged in.
Credit: Creative Commons.
The average price of electricity in the wholesale market in Spain and Portugal will drop 3.78 per cent on Wednesday, April 6, compared to this Tuesday 5. This halts four consecutive days of increases, although it will still remain above the level of €250/MWh.
According to data published by the Iberian Energy Market Operator (OMIE), the price tomorrow will be €254.99/MWh, some €10 cheaper than today’s price of €265.02/MWh.
This Wednesday’s maximum price will be between the hours of 8am and 9am, at €311.59/MWh, while the minimum, of €198.94/MWh, will be registered between 5pm and 6pm.
Compared to just a year ago, the pool price tomorrow will be 355.58 per cent higher than the €55.97/MWh of April 6, 2021.
The governments of Spain and Portugal have submitted a preliminary proposal to the European Commission to establish a reference price for gas of €30 euros per megawatt, in order to lower the price of electricity.
Teresa Ribera, the Minister for the Environment, has made it clear that this is a joint proposal formulated by both governments, which is subject to negotiation with the European authorities.
In the event that the proposal is accepted, Ribera has predicted that the price of electricity may reduce “in three or four weeks”, but has asked for patience in the meantime.
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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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