Average price of electricity soars again in Spain on Monday, January 2

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On Monday, January 2, the average price of electricity in Spain will increase to €114.24/MWh.

 

The average price of electricity for regulated rate customers linked to the wholesale market in Spain will rise by 1,852.82 per cent on Monday, January 2, compared to today, Sunday 1. Specifically, it will stand at €114.24/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 €112.55/MWh tomorrow.

Monday’s minimum price of €42/MWh will occur between 2am and 3am, while the maximum price will be between 7pm and 8pm, at €174.74/MWh.

Compensation for gas companies of €1.69/MWh 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.

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 €148.46/MWh on average. That would be €34.22/ MWh more than with the compensation for customers of the regulated rate, who will pay 23.05 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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