Price of electricity in Spain SKYROCKETS on Saturday, August 20

Image of electricity pylons. Credit: Dmitrydesign/Shutterstock

On Saturday, August 20, the price of electricity in Spain shoots up by an incredible 30.9 per cent.

This Saturday, August 20, the average price of electricity for regulated rate customers linked to the wholesale market in Spain will shoot up 30.9 per cent compared to this Friday, August 19. Specifically, it will stand at €287.05/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’ – will stand at €169.11/MWh tomorrow.

Saturday’s  maximum price will be registered between 10pm and 11pm, at €230/MWh, while the minimum for the day, of €120/MWh, will be between 5pm and 6pm.

To this price of the ‘pool’ must be added the compensation of €117.94/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.

Despite the fact that normally on a Saturday there is a drop in demand, this increase in the cost of electricity is a result of the levels of the TTF gas price in the Netherlands. This is used as a reference in the European market, with its maximum levels trading this Friday at more than €246/MWh.

In the Iberian market (Mibgas) the price of natural gas was exchanged this Friday at €162.95/MWh, with a rebound of more than 3 per cent compared to yesterday.

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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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