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Price of electricity climbs again in Spain and Portugal on Friday, July 1

The average price of electricity in Spain and Portugal on Friday, July 1, will rise by 15.16 per cent.

The average price of electricity for regulated rate customers linked to the wholesale market in Spain and Portugal will rise this Friday by 15.16 per cent compared to today, Thursday, June 30. Specifically, it will stand at €222.27/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 electricity generation.

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’ – tomorrow will stand at €145.22/MWh, which is about €13 euros more than today’s €132.13/MWh, an increase of 9.9 per cent.

Friday’s maximum electricity price will be registered between 9pm and 10pm, at €154.70/MWh, while the minimum for the day, of €124.99/MWh, will be between 6pm and 7pm.

To this price of the ‘pool’ is added the compensation of €77.05/MWh to the gas companies, compared to the €60.88/MWh registered for 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.

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. Subsequently, a monthly increase of €5/MWh will be incurred, until the end of the measure.

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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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