Average price of electricity in Spain falls considerably on Saturday, May 20

Image of an electricity meter.

Image of electricity meter. Credit: Jittawit21 / Shutterstock.com

On Saturday, May 20, the average price of electricity for regulated rate customers linked to the wholesale market in Spain will drop by 24.7 per cent compared to today, Friday 19. Specifically, the price will stand at €45.27/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 €39.58/MWh tomorrow.

The minimum price, of €4.16/MWh, will occur between the hours of 11am and midday, and then again between 3pm and 5pm. There will be a period of six hours during which energy will cost less than €10/MWh. Meanwhile, the maximum price of €81.06/MWh will be recorded between 9pm and 10pm.

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 just above €71/MWh, compared to the €187.13 /MWh registered in the same month last year, according to lainformacion.com.

On Tuesday, March 28, Spain’s 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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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