The average price of electricity in Spain is set to increase by 24.9 per cent on Sunday, November 13.
Consumers are being urged to be vigilant this Sunday as the average price of electricity surges by almost 25% compared to Saturday, November 12. According to provisional data obtained from the operator of the Iberian Energy Market (OMIE), the average price of electricity in the wholesale market (the pool) will be €134.67/MWh.
The highest price will be between 7:00 p.m. and 8:00 p.m. when it will reach €175.29/ MWh; while the cheapest will be recorded between 3:00 p.m. and 4:00 p.m., at a rate of €101.49/ MWh.
The amount charged will be below what is paid in other European countries such as Germany, where €145/ MWh will be reached; or France, which will mark €148/ MWh; although still above the price in the United Kingdom, where it will be around €121/ MWh.
In Portugal, where the cap on gas for electricity generation is also applied by virtue of what is known as the ‘ Iberian exception’, the price will be the same as in Spain, a country with which it shares a market.
Electricity and heating discount
Prime Minister Pedro Sánchez announced in October the extension of the government’s electricity and heating discount “bonos” so that aid “reaches more families”.
Speaking in Spain’s Congreso, Sánchez said that the government plans to mobilise three billion euros to “protect 40 per cent of households” from rising energy bills.
The new measures, which will limit the quarterly increase in prices until the end of 2023, were approved by the Cabinet on Tuesday 18 October and will provide for the creation of a new regulated tariff for residential blocks and complexes with centralised natural gas boilers.