By Chris King • 28 May 2022 • 19:18
Image of electricity meters.
Credit: Creative Commons
The average price of electricity in the wholesale market in Spain and Portugal will drop 0.25 per cent this Sunday, compared to today, Saturday, May 28. Even though it is falling by just a fraction, this marks the ninth consecutive day below €200/MWh.
According to data published by the Iberian Energy Market Operator (OMIE), and collected by Europa Press, the average will be €161.84/MWh. Compared to a year ago, Sunday’s price will be 97.92 per cent more expensive than the €81.67/MWh of May 29, 2021.
Sunday’s maximum price will be registered between 10pm and 11pm, at €228.03/MWh, while the minimum for the day, of €120/MWh, will take place between 4pm and 5pm.
These pool prices 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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