By Chris King • 24 December 2022 • 22:09
Image of electricity pylons.
The average price of electricity for regulated rate customers linked to the wholesale market in Spain will plummet by 69 per cent on Christmas Day, Sunday, December 25, compared to today, Saturday 24.
Specifically, it will stand at €10.63/MWh. This incredible fall leaves the price at its lowest level since May 9, 2021, when it was €10.53/MWh.
One year ago, the average price of electricity stood at €226.42/MWh. Adverse weather has helped to power the wind turbines and the rain has allowed more generation of hydraulic power. By ceasing to depend so much on gas, the electric bill is falling.
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 €15.24/MWh tomorrow.
During most of the day, until 6pm, the price of electricity will be below €5/MWh. The minimum, of €1.45/MWh, will be between 5am and 7am, while the maximum price will be registered between 8pm and 9pm, with €50.26/MWh,
Compensation of €-4.61/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.
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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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