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Price of electricity falls dramatically in Spain and Portugal on Sunday, July 17

By Chris King • Published: 16 Jul 2022 • 22:02

Image of electricity generating plant with pylons.

Image of electricity pylons. Credit: Dmitrydesign/Shutterstock.com

The price of electricity falls by 23.5 per cent this Sunday, July 17, 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 23.5 per cent this Sunday, July 17, compared to today, Saturday, July 16. Specifically, it will stand at €228.13/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 €102.45/MWh.

Sunday’s maximum price will be registered between 10pm and 11pm, at €179.27/MWh, while the minimum for the day, of €69.05 euros/MWh, will be from 11am to midday.

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.

To this price of the ‘pool’ is added the compensation of €125.68/MWh to the gas companies that 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.

In the absence of the ‘Iberian exception’ mechanism to limit the price of gas for the generation of electricity, the price of electricity in Spain would have been on average around €239.58/MWh. That would be around €11/MWh more than with the compensation for customers of the regulated rate.

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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 editorial@euroweeklynews.com

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