By Chris King • 26 May 2022 • 20:48
Image of electricity meters.
Credit: Creative Commons
The average price of electricity in the wholesale market in Spain and Portugal will drop by 2.74 per cent this Friday, May 27. compared to today, Thursday, May 26. A continued decrease in prices sees tomorrow’s energy cost stay under €200/MWh for the seventh consecutive day.
According to data published by the Iberian Energy Market Operator (OMIE), and collected by Europa Press, specifically, tomorrow’s average will be €168.54/MWh. Compared to a year ago, this average price will be 95.45 per cent more expensive than the €86.23/MWh of May 27, 2021.
Friday’s maximum price of €214.57/MWh will be recorded between the hours of 9pm and 1opm, while the cheapest will be €146.04/MWh, between 3am and 5am.
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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