By Chris King • 08 May 2022 • 21:56
Image of a burned out light bulb.
Credit: Creative Commons
The average price of electricity in the wholesale market in Spain and Portugal will rise by 21.09 per cent this Monday, May 9, compared to this Sunday, May 8. This sudden climb signals the end of four consecutive days where the level stayed below the €200/MWh mark.
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 €208.74/MWh, which is €36 more than today’s €172.39 average.
Monday’s minimum price will be €183.94/MWh, between 3pm and 4pm, while the maximum for the day will be €250.44/MWh, recorded between 9pm and 10pm.
Compared to a year ago, the average price of electricity this Monday will be a staggering 1,882 per cent more expensive than the €10.53/MWh of May 9, 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, theNational 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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