Price of electricity in Spain and Portugal shoots up on Monday, June 20

Image of electricity meters. Credit: Creative Commons

The Price of electricity shoots up 45.6 per cent in Spain and Portugal on Monday, June 20.

The average price of electricity for regulated rate customers linked to the wholesale market in Spain and Portugal will rise 45.6 per cent this Monday, June 20, compared to today, Sunday, June 19. Specifically, the price increases to €258.68/MWh.

This price for PVPC customers is the result of adding the average price of the auction in the wholesale market to 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 the generation of electricity.

According to data from the Iberian Energy Market Operator (OMIE), tomorrow’s average price of electricity in the wholesale market – the so-called ‘pool’ – stands at €157.48/MWh. That is €34.87/MWh more than today’s €122. 61/MWh, a rise of 28.4 per cent.

Monday’s maximum price will be registered between 10pm and 11pm, at €197.91/MWh, while the minimum for the day, of €110.44/MWh, will be between 4pm and 5pm.

To this ‘pool’ price is added the compensation of €109.36/MWh to the gas companies, compared to €50.03/MWh today. This compensation must 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.

In the absence of the ‘Iberian exception’ mechanism to cap the price of gas for electricity generation, the price would have been an average of around €283/MWh, which is around €25/MWh more than with compensation for regulated rate customers, who will thus pay 8.7 per cent less on average.

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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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