By Chris King •
Published: 22 May 2022 • 17:52
Image of electricity meters.
Credit: Creative Commons
The price of electricity in the wholesale market in Spain and Portugal rises again tomorrow, Monday, May 23. After a weekend of decreasing costs, an increase of 13.83 per cent will bring the price back up to €194.16/MWh, compared to today’s €170.56/MWh, although it stays below the €200 mark.
According to data from the Iberian market operator (OMIE), consulted by EFE, Monday’s price will be 2.8 times higher than that of the same day a year ago, when it was €68.67/MWh.
By time slots, the maximum price will be reached this Monday morning, between 9am and 10am, with €230.02/MWh, while the lowest will be registered at dawn, between 5am and 6am, at €171.49/MWh.
In the first twenty-three days of May, the average price of electricity in the wholesale market was €189.13/MWh. That is 33.24 per cent below the average for the entire month of March, which was the month most expensive in history, registering €288.30/MWh.
However, the average price of electricity so far in the month of May is 1.24 per cent lower than that of the entire month of April. Should this trend continue then it would register a second consecutive monthly decrease.
The price of electricity in the wholesale market has a direct impact on the regulated tariff or PVPC, to which more than 10 million consumers in Spain are subscribed, and serves as a reference for the other 19 million who contract their supply on the free market.
It is currently waiting for the mechanism to be applied jointly by the governments of Spain and Portugal. This action will limit the price of gas for electricity production in the wholesale market for a twelve-month period.
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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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