By Chris King • 13 June 2022 • 20:40
Image of electricity meters.
Credit: Creative Commons
The average price of electricity in the wholesale market in Spain and Portugal will rise by 6.7 per cent this Tuesday, June 14, compared to today, Monday, June 13. This keeps the cost above the €200/MWh barrier once again, pending the application from Wednesday, June 15, of the Iberian exception to meet the price of natural gas for electricity generation.
According to data published by the Iberian Market Operator of Energy (OMIE), specifically, the average price this Tuesday will be €214.05/MWh. This is €13.43/MWh more than today’s €200.62/MWh.
Tuesday’s maximum price will be registered between 9pm and 10pm, at €242.27/MWh, while the minimum for the day, of €194/MWh, will be registered between 3pm and 4pm. Compared to a year ago, the average price of electricity this Tuesday will be 141.9 per cent more expensive than the €88.47/MWh of June 14, 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 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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