What is the maximum and minimum price of electricity in Spain for this March 24?

Don't know the price of electricity in Spain? Check here the average rate of the day, as well as the most expensive and cheapest hours of electricity service for this Friday, March 24.

As electricity costs are constantly changing, practically every hour, it is important to be updated on electricity prices.

Due to the rising prices of electricity bills, many households in Spain are aware not only of the daily rates, but how it changes every hour and thus use the current at the time when it is less expensive.

Price of electricity

The average price of electricity in Spain will be 59.15 euros per megawatt hour for this Friday, March 24, according to data from the Iberian Energy Market Operator (OMIE). This means that the average electricity tariff registered a reduction of 24.69 euros per megawatt hour, when compared to the previous day's prices.

The OMIE data specifies that the most expensive rate during the course of the day will be 116.23 euros per megawatt hour, which will arrive in the evening, at 20:00 hours. This represents a reduction of 6.38 euros per megawatt hour in the highest prices of electricity service in the last 24 hours.

Meanwhile, the cheapest price throughout the day will be 11.22 euros per megawatt hour, which will be present at night, at 16:00 hours. In other words, the minimum tariff was reduced by 30.84 euros per megawatt hour from one day to the next.

From historical tariffs to regulation

Following the covid-19 pandemic and after the start of Russia's invasion of Ukraine, the price of electricity has risen across Europe to historic highs.

In Spain, for example, the price of electricity peaked in March last year, when it was sold at well over 500 euros per megawatt hour.

As electricity is generated through natural gas and Russia is the main supplier of this fuel, following the economic sanctions imposed by the international community on the Eurasian country for the invasion of Ukraine, the latter limited the hydrocarbon, increasing the prices of its derivatives.

Due to the increases, the European Commission approved the so-called "Iberian exception", which aims to limit the price of natural gas in the wholesale market and to face the increase in the price of electricity.

This Iberian derogation applies only to two members of the European Union (EU): Spain and Portugal.

And although the "Iberian exception" will last until May of this year, the Spanish government is seeking to extend it until the end of 2024.

Although electricity prices have decreased, tariffs are still high, as the Spanish authorities are obliged to pay compensation to companies that produce electricity, which is passed on to consumers.

Meanwhile, Spanish citizens have had to take measures so that the electricity bill does not become so expensive, among them, reviewing the daily price of the service and in particular the hours in which the rates are lower to do the work that represents more electricity expenditure.

The body in charge of announcing electricity prices is the OMIE, an electricity market operator designated to manage the daily electricity market in the Iberian Peninsula, i.e. Spain and Portugal.

From one day before, the OMIE announces the electricity tariffs, as well as its lowest and highest prices, for Spaniards to take into account when using electricity.