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The price of electricity in Spain and Portugal on Monday, May 2

The price of electricity in Spain and Portugal on Monday, May 2, will be 212 per cent more expensive than last year

The average price of electricity in the wholesale market in Spain and Portugal will increase by 7.84 per cent this Monday, May 2. This rise puts an end to three consecutive days of lower prices.

According to data published by the Iberian Energy Market Operator (OMIE), it will stand at €191.81/MWh, about €14 more than today’s average of €177.86/MWh.

Monday’s minimum price will be between 5pm and 6pm, at €155.01/MWh, while the maximum for the day will be €217.20/MWh, recorded between 9pm and 10pm.

Compared to one year ago, the average price of electricity for this Monday will be 212 per cent more expensive than the €61.39/MWh of May 2, 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, as reported by lasprovincias.es.

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Written by

Chris King

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 [email protected]

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