Average price of electricity in Spain increases even more on Monday, August 29

Image of electricity pylons. Credit: Dmitrydesign/Shutterstock

On Monday, August 29, the average price of electricity rises by 10.7 per cent in Spain.

 

The average price of electricity for regulated rate customers in Spain will rise by 10.7 per cent this Monday, August 29, compared to Sunday, August 28. Specifically, it stands at €423.36/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 today be €188.42/MWh. 

This price is the result of adding the average of the auction in the wholesale market to the compensation that the demand will pay to the combined cycle plants for the application of the ‘Iberian exception’ to cap the price of gas for the generation of electricity.

Today’s maximum price will be registered between 9pm and 10pm, at €253.07/MWh, while the minimum for the day, of €132.90/MWh, will be between 3pm and 4pm.

To this price of the ‘pool’ must be added the compensation of €243.94/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.

Spiralling high electricity prices over the last few days have been driven by natural gas price levels reaching maximums. This is the result mainly of Gazprom’s announcement that it will cut Germany’s gas supply 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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