By Chris King • 17 June 2022 • 20:13
Image of electricity meters.
Credit: Creative Commons
The average price of electricity in Spain and Portugal for customers whose contract is linked to the wholesale market will fall by 20.4 per cent this Saturday, June 18, compared to today, Friday, June 17. Specifically, it will stand at €212.02/MWh.
Tomorrow’s decrease coincides with the normal drop in demand during the weekend and also comes at the end of the heat wave. It will be the first fall in price since the ‘Iberian exception’ came into force on June 15.
This price is the product of adding the average price of the auction in the wholesale market and the compensation that the demand will pay to the combined cycle plants for the application of the ‘Iberian exception’ to cap the price of gas for electricity generation.
Calculated hourly, this charge works out at an average of €65.48/MWh for Saturday, compared to the €88.48 euros/MWh yesterday, Thursday, June 16. It has to be paid by the consumers who benefit from the measure, the consumers of the regulated rate (PVPC), or those who, despite being in the free market, have an indexed rate.
For its part, the average price of electricity in the wholesale market – the so-called ‘pool’ – stands at €146.54/MWh for this Saturday. According to data from the Iberian Energy Market Operator (OMIE), that is €31.36 euros less than yesterday’s price of €177 .90/MWh, after registering a drop of 17.6 per cent.
Saturday’s maximum price will be registered between 1am and 2am, at €226.05/MWh, while the minimum for the day, of €95.17/MWh, will be between 5pm and 6pm.
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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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