By Chris King • 25 May 2022 • 17:12
Image of electricity meters. Credit: Creative Commons
The average price of electricity in the wholesale market in Spain and Portugal this Thursday, May 26, will drop by 6.11 per cent compared to today, Wednesday, May 25. After a slight increase in price today, tomorrow’s reduction means that there have now been six days under €200/MWh.
Specifically, according to data published by the Iberian Energy Market Operator (OMIE), tomorrow’s average price will be €173.29/MWh.
Thursday’s maximum cost of €218/MWh will be between 9pm and 10pm, while the cheapest will be from 4am to 5am, at €150.54/MWh. Compared to a year ago, the average price of electricity this Thursday will be 114.68 per cent more expensive than the €80.72/MWh of May 26, 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. Got a news story you want to share? Then get in touch at editorial@euroweeklynews.com
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