Average price of electricity in Spain sees a HUGE increase on Sunday, October 30

Image of electricity pylons. Credit: Dmitrydesign/Shutterstock

On Sunday, October 30, the average price of electricity in Spain increases by 33.13 per cent.

 

The electricity price for regulated rate customers linked to the wholesale market in Spain will rise by 33.13 per cent this Sunday, October 30, compared to today Saturday 29. Specifically, it will stand at €135.62/MWh.

According to provisional data from the Iberian Market Operator of Energy (OMIE), in the auction, the average price of electricity in the wholesale market – the so-called ‘pool’ – stands at €135.62/MWh tomorrow.

This Sunday, October 30, the so-called Iberian exception, in force since mid-June, remains without application again, since the reference price for gas plants stands at €38.89/MWh, below the ceiling of €40/MWh.

Sunday’s cheapest hour of electricity will be from 4am to 5am, at €98.50/MWh. The rest of the day will be above €100/MWh, with the maximum price of €225.35/MWh being registered between 8pm and 9pm.

To this price of the ‘pool’ must be added the compensation 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, which on this occasion is zero.

The sudden jump in the price of electricity in Spain makes it the most expensive Europe this Sunday 30. France and Germany stand at €116.60/MWh, Italy at €112.10, and the United Kingdom at the equivalent of €101.

However, Spain’s average of €141.77/MWh since June 15, when the Iberian exception came into force, is notably lower than France with €360.77, Italy with €398.37, and Germany with €313.97.

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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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