By Chris King • 20 May 2022 • 20:24
Image of a light bulb being plugged in.
Credit: Creative Commons.
The average price of electricity in the wholesale market in Spain and Portugal will fall 12.29 per cent this Saturday, May 21, compared to today, Friday, May 20. This drop once again brings energy below the €200/MWh mark.
Specifically, according to data published by the Iberian Energy Market Operator (OMIE), the average price of the ‘pool’ for this Saturday will be €178.71/MWh. In comparison to today’s €203,74/MWh, it shows a decrease of €25.03.
Before we get too excited about the decrease, we should bear in mind that due to the lower demand for energy on weekends, there is normally a drop in the cost of electricity.
Saturday’s maximum price will be between the hours of 9pm and 10pm, at €228.11/MWh, while the cheapest will be from 4pm to 5pm, at €159.33/MWh. Compared to a year ago, Saturday’s electricity will be 156.99 per cent more expensive than the €69.54/MWh of May 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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