By Chris King • 26 June 2022 • 23:41
Image of electricity meters.
Credit: Creative Commons
The average price of electricity for regulated rate customers linked to the wholesale market in Spain and Portugal will rise this Monday, June 27, by 11.7 per cent, compared to today, Sunday, June 26. Specifically, the price will increase to €188.78/MWh.
According to data from the Iberian Energy Market Operator (OMIE), in the auction, the average price of electricity in the wholesale market – the pool – tomorrow will be €143.27/MWh. That is €25.33/MWh more today’s €117 .94/MWh), an increase of 21.44 per cent.
Monday’s maximum price will be registered between 9pm and 10pm,€181/MWh, while the minimum for the day, of €115.25/MWh will be between 3am and 4am.
In the absence of the ‘Iberian exception’ mechanism to cap the price of gas for electricity generation, the price of electricity in Spain would have been an average of around €280/MWh. That is around €92/MWh more than with compensation for clients of the regulated rate, who will thus pay around 32 per cent less on average.
Compared to a year ago, the price of electricity for customers of the regulated rate for this Monday is 118 per cent more than the €86/MWh that the pool marked on average at that time.
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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