Average price of electricity in Spain SKYROCKETS on Saturday, May 27

On Saturday, May 27, the average price of electricity for regulated rate customers linked to the wholesale market in Spain will fall by 31.8 per cent compared to today, Friday 26. Specifically, the price will stand at €86.42/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 €86.42/MWh tomorrow.

The minimum price, of €57.85 /MWh, will occur between the hours of 4 pm and 5 pm, while the maximum price will be recorded between 11 pm and midnight, at €110/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.

So far in April, the average price of electricity stands just above €71.8/MWh, compared to the €188/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.