By Chris King • 20 April 2022 • 18:24
Image: creative commons
The average price of electricity in the wholesale market in Spain and Portugal will rise almost 90 per cent on Thursday, April 21, compared to this Wednesday 20. This massive increase comes after today’s price set a new record low for this year.
According to data published by the operator of the Iberian Energy Market (OMIE), and collected by Europa Press, the average price of the ‘pool’ this Thursday will be €161.72/MWh. That is some €76.50 more expensive than today’s €85.19/MWh.
Thursday’s maximum price of electricity will be between the hours of 9pm and 10pm, at €223.61/MWh, while the minimum will be €101/MWh, registered between 4pm and 5pm.
Compared to a year ago, the average price of electricity this Thursday will be 103 per cent more expensive than the €79.60/MWh of April 21, 2021.
These prices of the ‘pool’ have a direct impact on the regulated rate (the so-called PVPC), to which almost 11 million households in the country are subscribed, and serve as a reference for the other 17 million who have contracted their supply in the free market.
In fact, the National Commission of Markets and Competition (CNMC) has verified that in 2021, around 1.25 million people switched from the PVPC to a rate in the free market at a fixed price.
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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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