Average price of electricity drops substantially in Spain on Saturday, November 12

Image of electricity pylons. Credit: Dmitrydesign/Shutterstock

On Saturday, November 12, the average price of electricity in Spain drops by 16.3 per cent.

 

The average price of electricity for regulated rate customers linked to the wholesale market in Spain will drop by 16.3 per cent on Saturday, November 12, compared to today, Friday 11. Specifically, it will stand at €107.81/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 be €106.22/MWh tomorrow.

Saturday’s maximum price will be registered between 9pm and 10pm, at €177.44/MWh, while the minimum for the day, of €78.16/MWh, will be between 2pm and 3pm.

Added to this pool price is the compensation to the gas companies of €16.15/MWh. This must be paid by the consumers who are beneficiaries of the measure, the consumers of the regulated tariff (PVPC), or those who, despite being in the free market, have an indexed rate or have to renew their contract.

In the absence of the ‘Iberian exception’ mechanism to cap the price of gas for electricity generation, the price of electricity in Spain would be on average around €155.48/MWh. That would be around €14.50/MWh more than with the compensation for customers of the regulated rate, who will pay 9.35 per cent less on average as a result.

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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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