Average price of electricity in Spain falls substantially on Sunday, January 22

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On Sunday, January 22, the average price of electricity in Spain drops by 38.6 per cent.

 

The average price of electricity for regulated rate customers linked to the wholesale market in Spain will drop by 38.6 per cent on Sunday, January 22, compared to today, Saturday 21. Specifically, it will stand at €35.03/MWh.

According to preliminary data from the Iberian Energy Market Operator (OMIE), in the auction, the cost of energy in the wholesale market – the so-called ‘pool’ -will stand at €37.70/MWh tomorrow.

Sunday’s most expensive period will be in the hour between 8pm and 9pm, when it will cost €128.97/MWh, while the cheapest time will be between 6am and 7am, standing at €11/MWh.

This final average price is the result of adding compensation for gas companies of €-2.67/MWh to the €37.70/MWh of the wholesale market. 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.

Without the “Iberian mechanism”, which limits the price of natural gas for electricity generation, the wholesale price for tomorrow would be €66.60/MWh. That would be €31.60/MWh higher, according to the data of the Iberian Electricity Market Operator (OMIE) and the Iberian Gas Market (Mibgas).

Tomorrow’s price will be about 82 per cent lower than the €190/MWh of one year ago. It is substantially lower than other European countries. In France, the average price will be €167.60/MWh, in Italy €185.40/MWh, Germany at €151.20/MWh, and in the United Kingdom, £159/MWh (about €181.10/MWh).

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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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