Home NEWS The average price of electricity in Spain falls by 10%

The average price of electricity in Spain falls by 10%


The average price of electricity in Spain has fallen today, Friday, January 6, by 10.01 percent

The average price of energy in the wholesale market, or the “pool,” during the auction will be €104.14/MWh today, according to preliminary statistics from the Iberian Energy Market Operator (OMIE).

The minimum price on Friday will be €70/MWh between 3 and 4 p.m., and the maximum price will be €137.73/MWh between 7 and 9 p.m.

This pool price includes an additional €0.75/MWh in compensation for gas companies. It must be paid by customers who receive the benefit of the measure, pay a controlled tariff (PVPC), or have an indexed rate despite purchasing goods and services on the open market.

The average electricity cost for regulated rate consumers connected to the wholesale market throughout the first six days of this year is 35.93 percent cheaper than the €159.42/MWh of the same period in 2022.

Solar Power Boom

Rooftop solar power expanded wildly in Spain in 2022. Amid soaring costs for other forms of energy, there was a noticeable accelerated growth trend in the sun-drenched nation. 

Installations increased by 10 times in 2022, Spanish Environmental Transition Minister Teresa Ribera said in an interview with local broadcaster TV3. Compared to 2018, the country recorded a 410% increase, said Ribera, who’s also in charge of its energy policy.

The government is also set to assess proposals to install solar panels on public buildings, said Ribera. “It’s important to take advantage of our roofs and the hours of sun exposure, which may allow us to significantly cut the power grid demand,” she said. 

The European Commission, EU’s executive arm, estimates the bloc could cut gas consumption by an additional 2.5 billion cubic meters annually by installing an extra 15 terawatt-hours of rooftop solar systems in 2022. Research group BloombergNEF said this would equal 12 gigawatts to 15 gigawatts, depending on the location.

Read more about Solar Power in Spain;

Solar power soars by almost 50% in 2022

Almost 10% of the new Malaga Metro line will operate on Solar Power

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