By Chris King • 02 June 2022 • 20:56
Image of electricity meters.
Credit: Creative Commons
The average price of electricity in the wholesale market in Spain and Portugal remains stable this Friday, June 3. It drops by just 0.11 per cent, keeping the price above the €200/MWh mark.
According to data published by the Iberian Market Operator of Energy (OMIE), and collected by Europa Press, specifically, tomorrow’s average price will be €214.50/MWh. That is about 24 cents cheaper than the €214.74/MWh recorded today, Thursday, June 3.
Friday’s maximum price of €240/MWh will be registered between 11pm and midnight, while the minimum for the day, of €172.44/MWh, will occur between the hours of 4pm and 5pm. Compared to a year ago, tomorrow’s average will be 168.8 per cent more expensive than the €79.80/MWh of June 3, 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 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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