Price of electricity in Spain and Portugal drops again on Tuesday, May 24

The price of electricity in Spain and Portugal on Tuesday, May 24, falls by 7.29 per cent compared to Monday, May 23

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.

___________________________________________________________

Thank you for taking the time to read this article, do remember to come back and check The Euro Weekly News website for all your up-to-date local and international news stories and remember, you can also follow us on Facebook and Instagram.