Daily price for electricity drops to “almost two year minimum”

There will be some hours at “zero cost”

The last day of 2022 will be the cheapest in almost two years as regards the wholesale price of electricity in Portugal, according to data from the OMIE platform

The wholesale price of electricity on the Iberian market (Mibel) will fall back again tomorrow, December 31, seeing the average price for the last day of the year in Portugal at just €1.57 per megawatt hour (MWh).

This will be the lowest daily record for electricity on the wholesale market in almost two years.

Says Expresso, one has to January 31, 2021 to find a cheaper day: on that date the wholesale price of electricity on Mibel was just €1.42 per MWh.

Indeed, tomorrow will see “several hours of zero price during the early hours, according to OMIE, with the maximum price of the day not going beyond €11.01 per MWh”, says the paper.

2022 will thus close with another day of particularly low prices, in a year in which the average cost of electricity on the wholesale market was around €169 per MWh.

Expresso explains this new trend is being fuelled “on the one hand by a reduction in electricity consumption and on the other by a greater availability of wind generation, strongly reducing the use of thermoelectric plants, especially combined cycle plants fuelled by natural gas”.

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