Average price of electricity in Spain hits a new high on Wednesday, August 31

Image of electricity pylons. Credit: Dmitrydesign/Shutterstock

On Wednesday, August 31, the average price of electricity in Spain will reach a new high after rising by 3.69 per cent.

 

The average price of electricity for regulated rate customers linked to the wholesale market will rise by 3.69 per cent this Wednesday, August 31, compared to today Tuesday, August 30. Specifically, it will stand at €476.39MWh. This is a new maximum since the Iberian exception came into force on June 15.

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 €187.30/MWh tomorrow.

Tomorrow’s €476.39/MWh will be the second highest price in history for regulated rate customers linked to the wholesale market, only behind the record of €544.98/MWh registered on March 8, before of the entry into force of the cap on gas.

Wednesday’s maximum price will be registered between midnight and 1am, at €227.82/MWh, while the minimum for the day, of €156.25/MWh, will occur between 4pm and 5pm.

To this price of the ‘pool’ must be added the compensation of 289.09 euros/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.

These high electricity prices have been driven by the price of natural gas, which is at record levels, mainly due to Gazprom’s announcement to cut its gas supply to Germany for three days from tomorrow, Wednesday, 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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