This Sunday 21 will see electricity rise to €230/MWh
This Sunday, November 21, the average price of electricity in the wholesale market (pool) in Spain is expected to rise another 5.11 per cent compared to Saturday 20, and stand at €229.62/MWh. This is according to data from the Iberian Electricity Market Operator (OMIE), as collected by Europa Press.
Due to the lower demand on weekends, the price had dropped slightly on Saturday, by 4.54 per cent from Friday 19. The maximum price of electricity for this Sunday will be between 00:00 and 1am, hitting €269.66/MWh, while the minimum price will be registered between 3pm and 4pm, at €207.79/MWh.
The prices of the ‘pool’ have a direct effect on the regulated tariff – the so-called PVPC – which affects almost 11 million consumers in the country. This figure serves as a reference for the other 17 million who have contracted their supply in the free market.
High gas prices are one factor pushing the cost of electricity up
This increase in price in the electricity market during recent months is mainly explained by high gas prices in the markets, and carbon dioxide (CO2) emission rights, which are reaching record highs this year.
After November beginning with prices down with respect to October, the price of electricity in the wholesale market has tightened again this week. The explanation given for this is the increase in the price of natural gas, mainly due to Germany‘s decision to leave the certification of the ‘Nord Stream 2‘ gas pipeline on hold.
This is the pipeline through which it is intended to carry gas from Russia to other parts of Europe through the Baltic Sea, as reported by 101tv.es.