Average price of electricity in Spain PLUMMETS on Saturday, January 7

On Saturday, January 7, the average price of electricity in Spain drops by an astonishing 78.43 per cent.

Thus, the average price of electricity for regulated rate customers linked to the wholesale market in Spain will plummet by 78.43 per cent this Saturday, January 7, compared to today, Friday 6. Specifically, it will stand at €22.62/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’ – will be €23.77/MWh tomorrow.

Saturday’s minimum price, of €4.16/MWh, will occur between 3pm and 4pm, while the maximum price will be recorded between 12 midnight and 1am, when it will be €53.42/MWh.

Compensation for gas companies of €-1.15/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 first week of 2023, the average price of electricity for regulated rate customers linked to the wholesale market stands at €90.98/MWh. That is 45.67 per cent less than in the same period in 2021, when the average price was €167.48/MWh.

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 €51.08/MWh on average. That would be €28.46/MWh more than with the compensation for regulated rate customers, who will pay 55.72 per cent less on average as a result.

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