Another two hours of FREE electricity in Spain on Monday, May 1

On Monday, May 1, the average price of electricity in Spain falls by 5.67 per cent.

The average price of electricity for regulated rate customers linked to the wholesale market in Spain will drop by 5.67 per cent on Monday, May 1, compared to today, Sunday 30. Specifically, it will stand at €61.35 /MWh. On the same date last year, the price was €177.86/MWh.

According to the operator of the Iberian Energy Market (OMIE), in the auction, the cost of energy in the wholesale market – the so-called ‘pool’ – will stand at €61.35/MWh tomorrow.

Monday’s cheapest time will be between the hours of 3pm and 5pm, when energy will be FREE, at €0/MWh, while the most expensive will be between 9pm and 11pm, at €122.57/MWh.

Compensation for gas companies of €0/MWh is added to this pool price, as it has been since February 24. 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.

For the month of April 2023, the average price of electricity stands at €73.70/MWh. That is the second-lowest monthly price recorded in Spain since May 2021.

Last Tuesday, March 28, the Council of Ministers approved the extension of the Iberian exception until December 31, after the agreement was reached by Spain and Portugal with the European Commission. It is not excluded that the deal could be extended for a longer time if the said framework is also extended.