Price of electricity increases significantly in Spain and Portugal on Monday, August 8

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On Monday, August 8, the price of electricity increases 12.4 per cent in Spain and Portugal.

 

On Monday, August 8, the average price of electricity for regulated rate customers linked to the wholesale market in Spain and Portugal will rise by 12.4 per cent compared to today Sunday, August 7. Specifically, it will stand at €270.24/MWh.

According to provisional data from the Iberian Energy Market Operator (OMIE), in the auction, the average price of electricity in the wholesale market – the so-called ‘pool’ – stands tomorrow at €146.31/MWh.

Monday’s maximum price will be registered between 9pm and 10pm, at €170.36/MWh, while the minimum for the day, of €126/MWh, will be between 4pm and 5pm.

To this price of the ‘pool’ must be added the compensation of €123.93/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, have an indexed rate.

In the absence of the ‘Iberian exception’ mechanism to cap the price of gas for electricity generation, the price of electricity in Spain would be an average of €302.56/MWh. That would be about €32/MWh more than with the compensation for customers of the regulated rate, who will subsequently pay 10.6 per cent less on average.

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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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