By Chris King • 23 May 2022 • 22:30
Image of electricity meters.
Credit: Creative Commons
The price of electricity in the wholesale market in Spain and Portugal this Tuesday, May 24, will drop by 7.29 per cent compared to today, Monday, May 23.
According to the Iberian Energy Market Operator (OMIE), tomorrow’s average will be €180.01/MWh, which keeps the price below the €200 level for the fourth consecutive day.
Tuesday’s maximum price will be between the hours of 9pm and 10pm, at €220.30/MWh, while the cheapest will be €159.20/MWh, from 4pm to 5pm.
Compared to a year ago, Tuesday’s average will be 167.08 per cent more expensive than the €67.40/MWh of May 24, 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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