By Chris King • 19 May 2022 • 21:04
Image of electricity meters.
Credit: Creative Commons
The average price of electricity in the wholesale market, or ‘pool’, in Spain and Portugal this Friday, May 20, will increase by 6.6 per cent compared to the €191.08/MWh of today, Thursday, May 19. It will stand at €203.74/MWh.
According to information published by the Iberian Energy Market Operator (OMIE), the cheapest time tomorrow will be between the hours of 4pm and 5pm, at €174/MWh, while the most expensive will be €230.72/MWh, between 9am and 10am.
Compared to a year ago, the average price of electricity for this Friday 20 is 155 per cent more expensive than the €79.79/MWh of May 20, 2021.
These prices of the ‘pool’ have a direct impact on the regulated rate – the so-called PVPC – to which almost 11 million consumers 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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