By Chris King • 28 June 2022 • 23:29
Image of electricity pylons.
The average price of electricity for regulated rate customers linked to the wholesale market in Spain and Portugal will drop by 16.31 per cent on Wednesday, June 29, compared to today, Tuesday, June 28. Specifically, it will be €218.55/MWh.
According to data from the Iberian Energy Market Operator (OMIE), in the auction, the average price of electricity in the wholesale market – the so-called ‘pool’ – will stand at €132.74/MWh tomorrow. That is almost €12 euros less than today’s €144.66/MWh), a drop of 8.24 per cent.
Wednesday’s maximum price will be registered between 7am and 8am, at €172.28/MWh, while the minimum for the day, of €92.07/MWh will be between 6pm and 7pm.
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 €270/MWh. That is around €52/MWh more than with compensation for clients of the regulated rate, who will thus pay around 19.3 per cent less on average.
Compared to a year ago, the price of electricity for clients of the regulated rate for this Wednesday is 133.76 per cent more than the €93.49/MWh that the ‘pool’ marked on average on June 29, 2021.
The Iberian mechanism, which entered into force on June 15, limits the price of gas for electricity generation to an average of €48.80/MWh over a period of twelve months, thus covering the coming winter, a period in which energy prices are more expensive.
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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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