By Chris King •
Updated: 12 Jun 2023 • 23:20
Image of electricity meter.
Credit: Jittawit21 / Shutterstock.com
On Tuesday, June 13, the average price of electricity for regulated rate customers linked to the wholesale market in Spain will fall by 4.12 per cent compared to today, Monday 12. Specifically, the price will stand at €89.72/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 €89.72/MWh tomorrow.
The minimum price, of €68.15/MWh, will occur between the hours of 3 pm and 4 pm, while the maximum price will be recorded between 7 am and 8 am, at €106.16 /MWh.
So far in June, electricity stands at an average of €82.60/MWh. That is 63 per cent less compared to the €196/MWh that it registered in the same period of 2022.
Since the beginning of 2023, electricity has cost an average of €87.30/MWh, less than half of the €211.80/MWh of the previous year.
In Germany, the average price will reach €90/MWh; in France, 92.70/MWh; in the United Kingdom, £86.20/MWh (approx €100 at the current exchange rate), and in Italy, €106/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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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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