Average price of electricity in Spain CRASHES to lowest in almost two years on Saturday, December 31

Image of electricity pylons. Credit: Dmitrydesign/Shutterstock.com

On Saturday, December 31, the average price of electricity in Spain falls by an incredible 66.7 per cent, its lowest level since January 2021.

The average price of electricity for regulated tariff customers linked to the wholesale market in Spain will plummet again by 66.7 per cent on Saturday, December 31, compared to today, Friday 30. Specifically, it will stand at €1.82/MWh. This represents the lowest level since January 31, 2021, when it stood at 1.42/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 €2.65/MWh tomorrow.

Throughout the early morning of Saturday, specifically between 4am and 6am, the price will be zero euros. Actually, from 2am through to 5pm, at no time will the price exceed one euro. The day’s maximum price will be between 7pm and 8pm, when it stands at €20/MWh.

To this pool price is added the compensation of €-0.83/MWh to the gas companies. This must be paid by the consumers who benefit from the measure, the consumers of the regulated tariff (PVPC), or those who, despite being in the free market, have an indexed tariff.

In the absence of the ‘Iberian exception’ mechanism to cap the price of gas for electricity generation, the price of electricity in Spain would average around €40.41/MWh. That would be €38.60/MWh more than with the compensation for regulated tariff customers, who will pay 95.5 per cent less on average as a result.

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Written by

Chris King

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. Got a news story you want to share? Then get in touch at [email protected]

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