By Chris King • 03 June 2022 • 20:08
Image of electricity meters.
Credit: Creative Commons
The average price of electricity in the wholesale market in Spain and Portugal will fall by 4.96 per cent on Saturday, June 4, compared to this Friday, June 3.
According to data published by the operator of the Iberian Energy Market (OMIE) and collected by Europa Press, specifically, the average price of electricity tomorrow will be €203.86/MWh. That makes it €10.64 cents cheaper than today’s €214.50.
Tomorrow’s maximum price will be registered between 11pm and midnight, at €245.86/MWh, while the minimum for the day, of €155.60/MWh, will be the hour from 5pm to 6pm. Compared to a year ago, the average price of electricity for this Saturday will be 152.95 per cent more expensive than the €80.59/MWh of June 4, 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 covered, 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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