Price of electricity in Spain and Portugal keeps increasing on Monday, July 11

The price of electricity rises for the fourth consecutive day in Spain and Portugal, going up by three per cent on Monday, July 11.

The price of electricity for regulated rate customers linked to the wholesale market in Spain and Portugal rises by three per cent this Monday, July 11, compared to today, Sunday, July 10. Specifically, it stands at €298.49/MWh.

According to provisional data from the Market Operator Iberian Energy (OMIE), in the auction, the average price of electricity in the wholesale market – the so-called ‘pool’ – tomorrow stands at €157.54.62/MWh. That is almost €20/MWh more than today’s price of €138 .62/MWh.

This price for PVPC customers is the result of adding the average price of the auction in the wholesale market to the compensation payable to the combined cycle plants for the application of the ‘Iberian exception’ to cap the price of gas for electricity generation.

In the absence of the ‘Iberian exception’ mechanism, the price of electricity in Spain tomorrow would have been an average of around €343/MWh, which is about €45/MWh more than with the compensation for clients of the regulated rate, who will thus pay around 13 per cent less on average.

Monday’s maximum price will be recorded between 9pm and 10pm, at €191.39/MWh, while the minimum for the day, of €135.06/MWh, will be between 3am and 4am.

Compared to one year ago, the average price of electricity for customers at the regulated rate this Monday is 228 per cent more expensive than the €90.70/MWh on July 11, 2021.

___________________________________________________________

Thank you for taking the time to read this article. Do remember to come back and check The Euro Weekly News website for all your up-to-date local and international news stories and remember, you can also follow us on Facebook and Instagram.