The average price of electricity consumers pay in Spain on Tuesday, February 28, rises 12.93 percent compared to the previous day
On Tuesday, February 28, the cost of electricity for regulated rate customers in Spain linked to the wholesale market is set to rise by 12.93% compared to Monday 27, with a specific cost of €132.68/MWh.
The Iberian Energy Market (OMIE) has reported that the energy cost in the wholesale market, commonly known as the ‘pool,’ will be €132.68/MWh on Tuesday. The cheapest time for electricity on Monday will be between 2pm and 3pm, costing €104.8/MWh, while the most expensive time will be between 8pm and 9pm, at €176.17/MWh.
The ‘Iberian mechanism,’ which was implemented on June 15, 2022, limits the price of gas for electricity generation to an average of €48.80/MWh for a twelve-month period. Specifically, the ‘Iberian exception’ establishes a path for the price of natural gas for electricity generation, starting from €40/MWh in the initial six months and increasing by €5/MWh per month until the end of the measure.
Yet again, consumers face uncertainty over the price they pay for electricity in Spain. Even with the price cap and subsidies, it is still the most expensive it has been in decades. The obvious choice would be to install solar power.
Consumers in Spain should consider installing solar power for several reasons. First, Spain has an abundance of sunshine, making it an ideal location for solar energy. By harnessing the power of the sun, consumers can significantly reduce their electricity bills and potentially earn money through feed-in tariffs by exporting excess electricity back to the grid.
Furthermore, installing solar power is a sustainable and environmentally friendly choice. It helps to reduce the carbon footprint and contributes to Spain’s efforts to meet its renewable energy targets. Additionally, solar power systems require minimal maintenance and have a long lifespan, making them a cost-effective investment in the long run.
Finally, installing solar power can also increase the value of a property, making it an attractive option for those who want to improve the value of their homes while reducing their energy bills. Overall, consumers who install solar power in Spain can benefit from significant cost savings, environmental benefits, and increased property value.
Read more: Solar power installations on the increase
Scandinavian-owned Vencosan brings together the very best experts from both the Spanish and Danish energy industries and has been a consistent, reliable and prominent part of the energy industry since 2005 and has vast experience in the industry throughout all its branches, from the installation of air conditioning systems and solar panels to the purchase and sale of electricity on the national electricity exchange market.
Vencosan has offices throughout Spain:
· C/ Islas Baleares 32, 46988 Paterna, Valencia
· C/ Ibiza 10, 29640 Fuengirola, Málaga
· Av. Dr. Gregorio Marañón, 68, 03185 Torrevieja, Alicante
· C/ Pietat 28, 08860 Castelldefels, Barcelona
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