Price of electricity falls slightly in Spain and Portugal on Friday, July 15

Image of electricity pylons. Credit: Dmitrydesign/Shutterstock

The average price of electricity on Friday, July 15, drops by 3.47 per cent 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 3.47 per cent on Friday, July 15, compared to this Thursday, July 14. Specifically, it will stand at €300.34/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’ – tomorrow, stands at €147.25/MWh. That is around €14.97/MWh less than today’s €162.22/MWh.

Despite this new decrease, the price of electricity for regulated rate customers linked to the wholesale market will remain above €300/MWh for the fifth consecutive day. That is a figure not reached since last March.

This week’s high prices are explained in part by the heat wave that is affecting the entire country, which implies greater demand and a lower contribution from renewable sources (wind and photovoltaic).

The 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.

The maximum price of electricity for this Friday will be registered between 9pm and 10pm, at €184.01/MWh, while the minimum for the day, of €126/MWh, will be between the hours of 11am and midday.

To this price of the ‘pool’ is added the compensation of €153.09/MWh to the gas companies that has to be paid by the consumers who benefit from the measure, the consumers of the regulated tariff (PVPC), or those who, despite being in the free market, they have an indexed rate.

Compared to a year ago, the price of electricity for customers at the regulated rate this Friday is 244 per cent more expensive than the €87.18/MWh on July 15, 2021.

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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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