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)