Price of electricity in Spain and Portugal shoots back up on Monday, May 30

The Price of electricity in Spain and Portugal shoots back up by 27.67 per cent on Monday, May 30.

The average price of electricity in the wholesale market in Spain and Portugal will rise 27.67 per cent this Monday, May 29, compared to today, Sunday, May 29. This huge increase brings an end to nine consecutive days where the cost was staying below the €200/MWh mark.

According to data published by the Iberian Energy Market Operator (OMIE), and collected by Europa Press, specifically, tomorrow’s electricity will stand at €206.62/MWh, almost €45 more expensive than today.

Monday’s maximum price will be registered between 9pm and 10pm, at €250.20/MWh, while the minimum for the day, of €169/MWh, will be between 4pm and 5pm. Compared to a year ago, the average price of electricity this Monday will be 187.25 per cent more expensive than the €71.93/MWh of May 30, 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.