Price of electricity in Spain and Portugal breaks €300/MWh mark on Tuesday, July 12

Image of electricity pylons. Credit: Dmitrydesign/Shutterstock

The average price of electricity will once again break the €300/MWh barrier on Tuesday, July 12 in Spain and Portugal.

 

The average price of electricity in Spain and Portugal will exceed €300/MWh again this Tuesday, July 12, for the first time since March. Tomorrow’s price will be 42 per cent more expensive than before the gas cap came into effect.

Specifically, the average price of electricity for regulated rate customers linked to the wholesale market will rise 1.5 per cent compared to today, Monday, July 11. According to data from the Operator of the Iberian Energy Market (OMIE), it will rise to €303.07/MWh. In the auction, the average price of electricity in the wholesale market – the so-called ‘pool’ – will be €155.71/MWh this Tuesday. 

Tomorrow’s maximum price will be reached between 10pm and 11 pm, at €201.60/MWh in the auction, which, when added to the compensation, will exceed €333/MWh. The minimum will be between 5am and 6am, when the price will be €123.55/MWh.

To this price of the ‘pool’ is added the compensation of €147.36/MWh to the gas companies, which has to 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, they have an indexed rate.

March 10 is the last date on which the price of energy exceeded €300/MWh. Two days earlier, the record for the historical series had been reached, when €545/MWh was recorded.

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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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