Price of electricity increases substantially on Friday, August 12, in Spain and Portugal

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On Friday, August 12, the price of electricity in Spain and Portugal goes up by 9.04 per cent.

 

The average price of electricity in the wholesale market in Spain and Portugal will rise this Friday, August 12, by 9.04 per cent compared to today Thursday, August 11. Specifically, it will stand at €301.31/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’ – tomorrow stands at €158.25/MWh.

Friday’s maximum price will be registered between 9pm and 10pm, at €182.78/MWh, while the minimum for the day, of €124.69/MWh, will be between 4pm and 5pm.

To this price of the ‘pool’ must be added the compensation of €143.06/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 €338.72/MWh. That would be about €37/MWh more than with the compensation for clients of the regulated rate, who will subsequently pay 11 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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