Average price of electricity in Spain hits the LOWEST LEVEL of 2022 on Friday, December 23

On Friday, December 23, the average price of electricity in Spain hits its lowest level of 2022 as it drops by 59.7 per cent.

The average price of electricity for regulated rate customers linked to the wholesale market in Spain will fall this Friday, December 23 by 59.7 per cent compared to today, Thursday 22. Specifically, it will stand at €21.12/MWh.

As a result, this represents the lowest level since May 9, 2021, before the start of the energy crisis. At that time, electricity stood at €10.53/MWh. One year ago, on December 23, 2021, the average price of electricity was €383.67/MWh.

According to provisional data from the Operator of the Iberian Energy Market (OMIE), in the auction, the average price of energy in the wholesale market – the so-called ‘pool’ – stands at €22.34/MWh tomorrow.

Friday’s maximum price will be registered between 8pm and 9pm, at €67.90/MWh, while the minimum, of €4.12/MWh, will occur between 2am and 6am.

Compensation of €-1.22/MWh for gas companies is added to this pool price. This must be paid by consumers who are beneficiaries of the measure, consumers of the regulated tariff (PVPC), or those who, despite being on the free market, have an indexed rate.

Despite the fact that Friday’s will be the lowest of the entire year, the average for regulated rate customers linked to the wholesale market between December 1 and 22 still stands at €174.21/MWh on average. That is compared to €116/MWh for the same period during the previous month.

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 around €281.06/MWh on average. That would be around €62.87/MWh more than with the compensation for regulated rate customers, who will pay 22.36 per cent less on average as a result.