Tomorrow the price of electricity will plunge 24% to the LOWEST price since October

Wednesday 20, April will see the price of electricity plunge 24% to the lowest price seen since October 2021.

The average price of electricity in the wholesale market in Spain will plunge 24.01% tomorrow, Wednesday,20, to 85.19 euros per megawatt hour (€/MWh), its lowest price so far this year. According to data from the Iberian Electricity Market Operator (OMIE), the average price will thus fall below the €100/MWh barrier for the first time since 27 December and will register its lowest value since 31 October, when it cost €79/MWh on average.

Tomorrow’s average electricity price will be 84.36% lower than that recorded on 8 March, when electricity reached 544.98 €/MWh, its highest price to date, due to the rise in gas prices following the start of the Russian invasion of Ukraine.

The evolution of the electricity price on the wholesale market still depends to a large extent on the cost of natural gas. Its price on the Dutch market, the reference market for Europe, has risen by more than 5% on Tuesday, but remains below 100 €/MWh, pending the evolution of the Russian-Ukrainian war.

Although the price of gas has indeed been contained compared to the rise recorded at the beginning of the Ukrainian invasion, it remains very expensive when compared to a standard spring period, in fact, the current gas price is almost five times higher than a year ago, when it was €20.76/MWh, as reported by 20minutos.

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