Average price of electricity in Spain almost TRIPLES on Monday, May 22

Image of an electricity meter.

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

On Monday, May 22, the average price of electricity for regulated rate customers linked to the wholesale market in Spain will increase by a staggering 181.88 per cent compared to today, Sunday 21. Specifically, the price will stand at €88.85/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 €73.64/MWh, will occur between the hours of 3 pm and 4 pm, while the maximum price will be recorded between 8 pm and 9 pm, at €113.42/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 €70/MWh, compared to the €188.90/MWh registered in the same month last year, according to lasprovincias.es.

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