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Average price of electricity in Spain falls slightly on Tuesday, January 31

By Chris King • Updated: 31 Jan 2023 • 0:04

Average price of electricity rises slightly in Spain on Tuesday, February 7

Image of a lighbulb containing banknotes. Credit: Bartolomiej Pietrzyk / Shutterstock.com

On Tuesday, January 31, the average price of electricity in Spain falls by five per cent.

The average price of electricity for regulated rate customers linked to the wholesale market in Spain will fall by 5 per cent on Tuesday, January 31, compared to today, Monday 30. Specifically, it will stand at €129.78/MWh.

According to the operator of the Iberian Energy Market (OMIE), in the auction, the average price of energy in the wholesale market – the so-called ‘pool’ – will stand at €127.07/MWh tomorrow.

Tuesday’s minimum price of €99/MWh, will occur between 2am and 3am, while the maximum price will be registered between 7pm and 8pm, when it will be €187.36/MWh.

Compensation for gas companies of €2.71/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 €146.34/MWh on average. That would be €12.88/MWh more than with the compensation for regulated rate customers, who will pay 11.3 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 editorial@euroweeklynews.com

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