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Electricity prices in Spain drop to lowest level this month

Electricity prices Spain
Electricity prices in Spice fall slightly today. Image: Twitter

The average price of electricity for Spanish consumers has dropped to its lowest price for December

The average price of electricity for customers who are on the regulated rate (that is linked to the wholesale market in Spain) will fall by 6.95 percent today, Tuesday, December 13. The rate drop is compared to Monday’s.

Specifically, it will stand at €121.18/MWh, the lowest level so far reached for the month of December.

According to provisional data published by the Market Operator Iberian Energy (OMIE), the average price of energy in the wholesale market – the so-called ‘pool’ – stands at €97.69/MWh tomorrow in the auction.

The maximum price today will be registered between 4pm and 5pm, at €147/MWh, while a minimum of €4.11/MWh will be registered during the first six hours of the day. 

These very low prices in the wholesale market for the early hours of the day reflect the high presence of renewables in the ‘power generation mix.” This is mainly attributed to the wind turbine power created by Storm Efraín, which brought heavy rain and strong winds to many parts of Spain.

To this ‘pool’ price is added the compensation of €23.49/MWh to the gas companies. This must be paid by consumers who are beneficiaries of the measure, consumers of the regulated tariff (PVPC), or those who, despite being on the free market, have an indexed rate.

Read more: Storm Efraín brings heavy rain to the Costa del Sol

Read more: Man receives electricity bill 16 times higher than normal!

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