Average price of electricity in Spain drops significantly on Sunday, June 11

Image of an electricity meter.

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

On Sunday, June 11, the average price of electricity for regulated rate customers linked to the wholesale market in Spain will drop by 16.9 per cent compared to today, Saturday 10. Specifically, the price will stand at €67.20/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 €67.20/MWh tomorrow.

The minimum price, of €10/MWh, will occur between the hours of 4 pm and 5 pm, while the maximum price will be recorded between 9 pm and 10 pm, at €111.99/MWh.

In a year-on-year comparison, tomorrow’s energy will cost 64.7 per cent less than June 11 of last year when it stood at €190.50/MWh.

May closed with an average electricity price of €74.20/MWh. That is  60.3 per cent lower than the €187.13/MWh registered in the same month last year.

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

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