Price of electricity CLIMBS SIGNIFICANTLY in Spain on Saturday, August 27

Image of electricity pylons. Credit: Dmitrydesign/Shutterstock

On Saturday, August 27, the price of electricity in Spain sees a sharp increase.

This Saturday, August 27, the average price of electricity for regulated rate customers linked to the wholesale market in Spain will rise by 21.2 per cent compared to Friday, August 26. Specifically, it will stand at €385.85/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 today at €160.04/MWh.

After two consecutive days of falling prices. the level increases again but remains far from the maximums reached last Tuesday 23, and Wednesday 24, when it rose to €436.25/MWh. This was the highest level since the entry into force of the ‘Iberian exception’ in June.

Saturday’s maximum price will be registered between 10pm and 11pm, at €242.82/MWh, while the minimum for the day, of €127/MWh, will be between 12 midday and 1pm.

To this price of the ‘pool’ must be added the compensation of €225.81/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, have an indexed rate.

This spiral of high electricity prices that has occurred throughout this week has been driven by natural gas price levels at maximum levels, mainly due to Gazprom’s announcement to cut off the supply to Germany for three days from August 31.

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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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