Price of electricity keeps falling in Spain and Portugal on Wednesday, June 8

The price of electricity in Spain and Portugal drops by another four per cent on Wednesday, June 8.

The average price of electricity in the wholesale market in Spain and Portugal will drop by four per cent this Wednesday, June 8, compared to today, Tuesday, June 7. For the first time this month that brings energy below the €190/MWh mark.

According to data published by the Iberian Market Operator of Energy (OMIE), specifically, the average price of electricity will be €185.45/MWh this Wednesday. That is €7.87/MWh cheaper than today’s price of €193.32/MWh.

Wednesday’s maximum price will be registered between 8am and 9am, at €215.01/MWh, while the minimum for the day, of €160.23, will be between 4pm and 5pm.

Compared to a year ago, the average price this Wednesday will be 125.25 per cent more expensive than the €82.33 of June 8, 2021.

These average prices of electricity have a direct impact on the regulated rate – the so-called PVPC – to which almost 11 million households in the country are subscribed, and serve as a reference for the other 17 million who have contracted their supply in the free market.

In fact, the National Commission of Markets and Competition (CNMC) has verified that in 2021, around 1.25 million people switched from the PVPC to a rate in the free market at a fixed price.

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