Price of electricity in Spain and Portugal keeps falling on Saturday, May 28

Image of electricity meters. Credit: Creative Commons

The price of electricity in Spain and Portugal will be 82.41 per cent more expensive than one year ago.

 

The average price of electricity in the wholesale market in Spain and Portugal this Saturday, May 28, will drop by 3.73 per cent compared to today, Friday, May 27. Once again, this third decrease in three days keeps the price below the €200/MWh mark for the eighth consecutive day.

According to data published by the Iberian Energy Market Operator (OMIE), and collected by Europa Press, tomorrow’s average price will be €162.25/MWh. Compared to a year ago, this Saturday’s energy will be 82.41 per cent more expensive than the €88.95/MWh of May 28, 2021.

Saturday’s maximum price of €227.98/MWh will be registered between 9pm and 10pm, while the cheapest will be between 4pm and 5pm, at €126.04/MWh.

These average prices of electricity have a direct impact on the regulated rate – the so-called PVPC – to which almost 11 million households in the country are subscribed, and serves 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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Written by

Chris King

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 [email protected]

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