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Average price of electricity in Spain sees another big increase on Monday, October 31

On Monday, October 31, the average price of electricity in Spain jumps up by 20.56 per cent.

 

The price of electricity for regulated rate customers linked to the wholesale market in Spain will increase by 20.56 per cent this Monday, October 31, compared to Sunday 30. Specifically, it will stand at €163.51/MWh. With this increase, Spain will have the highest cost of electricity in Europe for the second consecutive day.

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 €164.07/MWh today.

Because the reference price for gas plants is once again above the cap of €40/MWh – specifically at €40.49/MWh – it means that the so-called Iberian exception comes into effect again.

Monday’s cheapest hour of electricity will be between 3am and 4am, with a price of €114.60/MWh, while the maximum price will be registered between 9pm and 10pm, at €250/MWh.

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. On this occasion the rate is slightly negative, standing at €-0.56/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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