Average price of electricity PLUMMETS in Spain on Thursday, November 17

On Thursday, November 17, the average price of electricity in Spain drops by a massive 26.85 per cent.

The average price of electricity for regulated rate customers linked to the wholesale market in Spain plummets by 26.85 per cent on Thursday, November 17, compared to today, Wednesday 16. Specifically, it will stand at €75.51/MWh, its lowest level since October 23.

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 78.93/MWh tomorrow

Thursday’s maximum price will be registered between 10pm and 11pm, at €138/MWh, while the minimum for the day will drop to €10/MWh between 4am and 6am.

To this ‘pool’ price is added the compensation of €-3.42/MWh to the gas companies. This must be paid by consumers who are beneficiaries of the measure, consumers of the regulated tariff (PVPC), or those who, despite being in the free market, have an indexed rate.

In the absence of the ‘Iberian exception’ mechanism to cap the price of gas for electricity generation, the average price of electricity in Spain would be around €105.78/MWh.  That is around €30.27/MWh more than with the compensation for regulated rate customers, who will pay 28.6 per cent less on average as a result.

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