Price of electricity in Spain and Portugal drops sharply on Thursday, July 7

Thursday, July 7 sees a sharp drop of 17.8 per cent in the price of electricity in Spain and Portugal.

The average price of electricity for regulated rate customers linked to the wholesale market in Spain and Portugal will drop by 17.8 per cent this Thursday, July 7,  compared to Wednesday, July 6. Specifically, it will stand at €186.24/MWh.

According to provisional data from the Operator of the Iberian Energy Market (OMIE), in the auction, the average price of electricity in the wholesale market – the so-called ‘pool’ – will be €124.2/MWh on Thursday. That is €21.10/MWh less than Wednesday’s €145.3/MWh.

Thursday’s maximum price will be registered between 9pm and 10pm, at €169/MWh euros, while the minimum for the day, of €108.01/MWh, will be between 6pm and 7pm.

Added to this wholesale market price is the compensation of €62.04/MWh to the gas companies, compared to the €81.27/MWh registered on Wednesday. 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 price of electricity for customers of the regulated rate this Thursday is 88.65 per cent more expensive than the €98.72/MWh on July 7, 2021.