Average price of electricity SHOOTS UP in Spain on Tuesday, January 3

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On Tuesday, January 3, the average price of electricity in Spain shoot up by 26.7 per cent.

 

The average price of electricity for regulated rate customers linked to the wholesale market in Spain will rise by 26.7 per cent on Tuesday, January 3, compared to today, Monday 2. Specifically, it will stand at €144.73/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 €138.79/MWh tomorrow.

Tuesday’s minimum price of €113.63/MWh will occur between 4am and 5am, while the maximum price of €171.18/MWh will take place between 9am and 10am.

Compensation for gas companies of €5.94/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 €175.12/MWh on average. That would be around €30/MWh more than with compensation for regulated rate customers, who will pay 17 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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