Average price of electricity drops in Spain on Saturday, June 3

Image of an electricity meter.

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

On Saturday, June 3, the average price of electricity for regulated rate customers linked to the wholesale market in Spain will fall by 8.51 per cent compared to today, Friday 2. Specifically, the price will stand at €85.41 /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 € 85.41 /MWh tomorrow.

The minimum price, of €56/MWh, will occur between the hours of 5 pm and 6 pm, while the maximum price will be recorded between 11 pm and midnight, at €103.34/MWh.

Since the price of this raw material on the Iberian Gas Market (Mibgas) is €24.42/MWh, well below the limit of €58.30/MWh set for It is activated this June. As a result, the cap on gas will continue not to be applied, according to lainformacion.com.

Tomorrow’s price of energy is 63 per cent cheaper than that registered on the same day a year ago when it stood at €214.50/MWh.

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