There is good news regarding the price of electricity. After the start of the war between Russia and Ukraine, the news is not good. On top of everything that is happening on the ground in Ukraine, the price of fuel has skyrocketed, as has the value of grain.
The price of electricity has also increased, but the price of electricity in the Iberian market is expected to fall by 23% starting tomorrow.
The price of electricity should be set at 284.58 euros per MWh
Since the start of the conflict between Russia and Ukraine, the price of electricity has steadily increased, reaching a record high on March 8.
The price of electricity on the Iberian market should fall, this Friday, by 23%, compared to this Thursday, settling, for the first time since March 2, below 300 euros per megawatt hour (MWh). According to data from the Iberian Electricity Market Operator (OMIE), this Friday the price will be set at 284.58 euros per MWh.
It should be remembered that the value remains very high given that reached during the same period, which was 40.16 MWh. So far, the average monthly price was 386.66 euros per MWh, an increase of 54.14% compared to the average of December, the most expensive month.
Prices on the wholesale market will also fall in the main European countries, except in Italy where it will return, on average, to 371.49 euros per MWh. In the UK €307.90 per MWh will be paid, in France €278.65 per MWh, in Portugal €284.58 per MWh and in Germany €80.44 per MWh.
The creation of the Iberian Electricity Market (MIBEL), on July 1, 2007, is the result of a cooperation process developed by the governments of Portugal and Spain with the aim of integrating the electricity systems of the two countries .
The process of harmonization and development of the MIBEL framework aims to benefit Iberian consumers, insofar as it allows them to purchase energy in free competition from any producer or supplier operating in Portugal or Spain, and to to ensure access for all agents to the market under conditions of equal treatment, transparency and objectivity, within a stable legal framework and in accordance with European legislation and regulations.