By Chris King • 14 May 2023 • 1:29
Image of a lighbulb containing euros.
Credit: Bartolomiej Pietrzyk / Shutterstock.com.
On Sunday, May 14, the average price of electricity in Spain falls by 22.57 per cent and produces nine hours of free energy.
For regulated rate customers linked to the wholesale market in Spain, compared to today, Saturday 13, the price will stand at €39.58/MWh. It is the lowest so far in May and the minimum price registered since April 16.
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 €39.58/MWh tomorrow.
The minimum price, of €0/MWh, will occur between the hours of 9am and 6pm, while the maximum price will be recorded between 10pm and 11pm, at €98.96/MWh.
Compensation for gas companies of €0/MWh is added to this pool price, as it has been since February 27. 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.
So far in April, the average price of electricity stands at around €79.75/MWh, compared to the €192.50/MWh registered in the same month last year, as reported by 20minutos.es.
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.
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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.
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