The wholesale electricity price is set to rise again this Monday, continuing a recent trend. A 2.38% uptick is expected compared with Sunday, bringing the average to 163 euros per megawatt hour (MWh).
Data from the Iberian Energy Market Operator (OMIE) shows that the pool price for Monday will average 163.13 euros per MWh, about four euros higher than Sunday’s 159.33 euros per MWh. This pattern indicates a cautious stabilization after a volatile run, with each daily fluctuation influencing consumer-facing tariffs in the market.
After a notable dip on Friday, when the price briefly reached -154.7 euros per MWh—the lowest level recorded since February 19, before the wartime disruptions began—the market appears to have steadied at a higher level as traders reassess supply and demand in the region.
The highest hourly price for Monday is projected at 270.2 euros per MWh between 20:00 and 21:00, while the lowest expected hourly price falls to 55.1 euros per MWh, anticipated between 15:00 and 16:00.
Compared with this same Monday last year, the pool price would be 213.65% higher, reflecting the dramatic shifts in energy markets since April 11, 2021 when the price stood at 52.01 euros per MWh.
Pool prices play a direct role in shaping the PVPC, the regulated rate used by roughly 11 million households in the country and serving as a benchmark for the wider group of 17 million households that participate in the free market. This linkage means that changes in pool prices ripple through household energy bills and supplier choices across the system.
According to the National Markets and Competition Commission (CNMC), the year 2021 saw about 1.25 million consumers move from PVPC to fixed-price offers in the free market, illustrating the ongoing shift within the energy sector as prices have risen.
On March 29, the national government unveiled a plan to mitigate the impact of the Ukraine conflict on energy costs. The package includes extending the electricity tax relief through June 30 and broadening the reach of social electricity subsidies to up to 1.9 million households.
30 euro gas price reference proposal
Spain and Portugal have jointly submitted to the European Commission a proposal to set a gas reference price of 30 euros per MWh in an effort to curb electricity prices. The aim is to provide a binding signal to the market that could help temper wholesale costs that feed into consumer bills.
Theresa Ribera, the Vice President and Minister for Ecological Transition, described the initiative as a joint effort involving both national governments and European authorities. If the proposal is accepted, Ribera indicated that the electricity price cap could take effect within three to four weeks, though cautioned that patience is required as the process unfolds and necessary technical checks are completed. The plan would also align with existing market safeguards to ensure smooth operation.
Should the proposal move forward, it would influence daily gas-fired plant offers and the broader pool dynamics, with effects cascading through the wholesale market and affecting price formation for several hour blocks each day.