By Chris King •
Updated: 08 May 2022 • 19:44
Image of an electric light bulb.
The average price of electricity in the wholesale market in Spain and Portugal will drop by 6.4 per cent this Saturday, May 7. This marks a €13 reduction compared to the price this Friday 6.
According to data published by the Iberian Energy Market Operator (OMIE), and collected by Europa Press, the average price of the ‘pool’ tomorrow will be €184.86/MWh. It reflects a slight decrease compared to today’s €197/MWh, and stays below the €200 mark.
Saturday’s minimum price will be between 5pm and 6pm, standing at €145.23/MWh, while the maximum for the day will be €229/MWh, registered between 9pm and 10pm.
Compared to a year ago, the average price of electricity tomorrow will be 151 per cent more expensive than the €73.50/MWh of May 7, 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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