In Spain, the average price of electricity for consumers with regulated rates who are linked to the wholesale market will increase by 293% on Monday, April 3, compared to today, Sunday, April 2, when the hike will take effect. To be more specific, it will be at a rate of €61.79/MWh.

Spanish power prices rise 293 percent on April 3.

The operator of the Iberian Energy Market (OMIE) forecasts that the cost of energy on the wholesale market, often known as the “pool,” would be set at €61.79/MWh the day after tomorrow’s auction.

On Monday, the hours between 3 and 4 p.m. will have the lowest cost of electricity at €19.20/MWh, while the hours between 8 and 9 p.m. will have the highest cost of electricity at €165.33/MWh.

For the twenty-first day in a row, compensation for gas firms in the amount of 0 €/MWh has been applied to this pool pricing. Consumers who benefit from the measure, customers of the regulated tariff (PVPC), or consumers who have an indexed rate while being on the open market are the ones who are responsible for paying it.

After reaching an agreement with the European Commission, Spain and Portugal were able to get the Iberian exception extended until December 31. On Tuesday, March 28, the Council of Ministers gave their approval for the extension of the Iberian exception. If the aforementioned framework is likewise extended, it is not impossible that the terms of the arrangement may be prolonged for a longer period of time.

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