By Chris King • 29 December 2022 • 22:03
Image of electricity pylons.
The average price of electricity for regulated rate customers linked to the wholesale market in Spain will plummet this Friday, December 30, to €5.47/MWh. This represents a drop of 66.13 per cent compared to today, Thursday 29, and is the record lowest level since February 20, 2021, when it stood at €2.02/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’ – stands at €6.02/MWh tomorrow.
Friday’s minimum price, of €0.57/MWh, will be recorded between 4am and 5am, while the maximum price will be registered between 7pm and 8pm, at €21.78/MWh.
Compensation of €-0.55/MWh for gas companies is added to this pool price. It 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.
According to information from Europa Press, the ‘very high’ production of wind energy in recent days will foreseeably continue in the coming days. This suggests that the price of electricity in Spain will remain low for the remainder of the week.
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 €50.53/MWh on average. That would be around €45.06/MWh more than with the compensation for customers of the regulated rate, who will pay 89.17 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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