By Chris King • 21 May 2022 • 19:03
Image of electricity meters.
Credit: Creative Commons
The average price of electricity in the wholesale market in Spain and Portugal this Sunday, May 22, will drop another 4.56 per cent compared to today, Saturday, May 21. This second decrease in two days keeps the price below the €200/MWh mark.
According to data published by the operator of the Iberian Energy Market (OMIE), specifically, the average price of the ‘pool’ tomorrow will be €170.56/MWh, about seven euros cheaper than today’s €178.01/MWh.
Sunday’s maximum price of €227.90/MWh will occur between the hours of 9pm and 10pm, while the cheapest, of €101.40/MWh, will be from 2pm to 3pm. Compared to a year ago, tomorrow’s average will be 156.83 per cent more expensive than the €66.41/MWh of May 22, 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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