Price of electricity in Spain and Portugal increases again on Friday, June 10

Image of electricity pylons. Credit: Creative Commons 2.0

The price of electricity increases again by 6.39 per cent in Spain and Portugal on Friday, June 10.

 

The average price of electricity in the wholesale market in Spain and Portugal will rise by another 6.39 per cent this Friday, June 10, compared to this Thursday, June 10. This means that energy costs once again exceed the level of €190/MWh.

According to data published by the operator of the Iberian Energy Market (OMIE), specifically, the average price of electricity tomorrow will be €194.35. That is €11.68 more expensive than today’s price of €182.67/MWh.

Friday’s maximum will be registered between 8pm and 9pm, standing at €220.46/MWh, while the minimum for the day, of €168.92, will be between the hours of 3am and 4am. Compared to a year ago, the average price tomorrow will be 132 per cent more expensive than the €83.84/MWh of June 10, 2021.

These average prices of electricity have a direct impact on the regulated rate – the so-called PVPC – to which almost 11 million households in the country are subscribed, and serves 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.

After today’s Plenary session of Congress validated the Royal Decree, from the middle of next week, electricity prices should show a decrease of around 15 per cent.

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Written by

Chris King

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. Got a news story you want to share? Then get in touch at [email protected]

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