By Chris King •
Published: 23 Dec 2022 • 21:44
Image of electricity pylons.
The average price of electricity for regulated rate customers linked to the wholesale market in Spain will rise by 62.7 per cent this Saturday, December 24, compared to today, Friday 23. Specifically, it will stand at €34.36/MWh.
As a result, the price of electricity rises for the first time in six days, although it registers the second lowest price of the month after today’s figure. One year ago, on December 24, 2021, the average price of electricity was €311.02 /MWh.
According to provisional data from the Iberian Energy Market Operator (OMIE), in the auction, the average price of energy in the wholesale market – the so-called ‘pool’ – will stand at €36.41/MWh tomorrow.
Saturday’s maximum price will be registered between 6pm and 7pm, at €106.48/MWh, while the minimum, of €20.10/MWh, will be between 11pm and midnight.
Compensation of €-2.05/MWh for the 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.
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 €98.94/MWh on average. That would be €64.58/MWh more than with the compensation for regulated rate customers, who will pay 65.27 per cent less on average as a result.
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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.
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