Price of electricity in Spain and Portugal SKYROCKETS on Monday, July 4

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The price of electricity in Spain and Portugal on Monday, July 4, skyrockets by 22.72 per cent.

 

The average price of electricity for regulated rate customers linked to the wholesale market in Spain and Portugal will rise by a massive 22.72 per cent this Monday, July 4, compared to this Sunday, July 3. Specifically, it will stand at €254.97/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 tomorrow at €159.92/MWh. This is around €26/MWh more than today’s €133, 50/MWh.

Monday’s maximum price will be registered between 7am and 9am, with €176/MWh, while the minimum for the day, of €143.83/MWh, will be between 6pm and 7pm.

Added to this wholesale market price must be the compensation of €95.05/MWh made to the gas companies. That is compared to the €74.27/MWh (still provisional) registered this Sunday. 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.

Compared to a year ago, the average price of electricity for customers of the regulated rate for this Monday is 221 per cent more expensive.

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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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