Average price of electricity in Spain rises again on Thursday, September 8

Image of electricity pylons. Credit: Dmitrydesign/Shutterstock

On Thursday, September 8, the average price of electricity increases by 11.6 per cent in Spain.

The average price of electricity in the wholesale market in Spain will rise 11.6 per cent this Thursday, September 8, compared to Wednesday, September 7. Specifically, it will stand at €242.65/MWh.

According to the latest data from the Iberian Electricity Market Operator (OMIE), in the auction, the average price of electricity in the wholesale market – the so-called ‘pool’ – will be €155.94/MWh today.

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 most expensive time will be between 9pm and 10pm, when the price will rise to €250/MWh, while the cheapest will be €125/MWh, between 4pm and 5pm.

The ‘Iberian mechanism’, which came into force on June 15, limits the price of gas for electricity generation to an average of €48.80/MWh over a period of twelve months, covering the coming winter, a period in which energy prices are more expensive.

Government estimates claim that up until the end of August, the ‘Iberian exception’ has meant a saving of more than €2,000 million for Spanish consumers since its entry into force.

Compared to the same date in 2021, today’s price is 78.84 per cent higher, since, on September 8, 2021, the price was €135.65/MWh.

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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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