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High wind share in Spain slashes Nov avg electricity price by 32% y/y

El Andevalo wind farm in Huelva, Spain. Image by Iberdrola (www.iberdrola.com)

December 30 (Renewables Now) - The higher share of wind power in Spain contributed to bringing down the average electricity price in November to EUR 42.19 (USD 47.1) per MWh, a 32% drop compared to the same month in 2018.

According to the Spanish Wind Energy Association (AEE), the average price continued to fall until reaching around EUR 33.71/MWh as of December 26. A minimum daily price of less than EUR 3/MWh was set on December 21 and 22, a rate that AEE said was unthinkable months ago.

Thanks to the high wind share and lower gas prices, households with smart meters and consumption needs below 10 kW saved 10% on their electricity bills.

On December 22, wind power met 35% of demand, which resulted in electricity costing the small consumer EUR 0.058/kWh, or almost 50% less than the annual average.

AEE said, citing forecasts by regulated market operator OMIP, the expected price for baseload will reach EUR 44.07/MWh in January, while peak load will cost EUR 48.79/MWh. The prices are expected to remain at these levels during the first two quarters of 2020.

(EUR 1.0 = USD 1.12)

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Sladjana has significant experience as a Spain-focused business news reporter and is now diving deeper into the global renewable energy industry. She is the person to seek if you need information about Latin American renewables and the Spanish market.

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