Price of electricity in Spain and Portugal climbs again on Tuesday, May 31

The price of electricity in Spain and Portugal increases once again by 3.48 per cent on Tuesday, May 31.

The average price of electricity in the wholesale market in Spain and Portugal will rise 3.48 per cent this Tuesday, May 31, compared to today, Monday, May 30. As a result, it remains above the €200/MWh mark for the second consecutive day.

According to data published by the Iberian Energy Market Operator (OMIE), specifically, the average price tomorrow will stand at €213.82/MWh, about seven euros more expensive than today.

With Tuesday’s data, the price of electricity closes May at an average of €187.12/MWh, making it the eighth-most expensive month since records began in Spain in 1998. In addition, the average price in May 2022 is 178.78 per cent more expensive than the €67.12/MWh of the same month last year.

Tuesday’s maximum price will be registered between 7am and 8am, at €247.77/MWh, while the minimum for the day, of €180.18/MWh, will be between 3pm and 5pm. Compared to a year ago, the average price of electricity this Tuesday will be €142.76 per cent more expensive than the €88.08/MWh of May 31, 2021.

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 that have contracted their supply in the free market.

In fact, the National Commission of Markets and Competition (CNMC) has found that in 2021, around 1.25 million people switched from the PVPC to a tariff in the free market at a fixed price.

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