By Chris King • 25 May 2023 • 18:51
Image of electricity meter.
Credit: Jittawit21 / Shutterstock.com
On Friday, May 26, the average price of electricity for regulated rate customers linked to the wholesale market in Spain will fall by 13 per cent compared to today, Tuesday 15. Specifically, the price will stand at €65.60/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 €65.55/MWh tomorrow.
The minimum price, of €4.17/MWh, will occur between the hours of 3 pm and 4 pm, while the maximum price will be recorded between 9 pm and 10 pm, at €4.17/MWh.
Due to the fact that the price of this raw material on the Iberian Gas Market (Mibgas) remains below the limit of €57.20/MWh set by the Government for the month of May, the cap on gas will continue to not be applied.
After this new drop, the second in a row, electricity will be 62 per cent cheaper than a year ago, when its price reached €173/MWh.
So far in April, the average price of electricity stands just above €87.20/MWh, compared to the €214.2/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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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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