The price of electricity on the Iberian wholesale market will soar by 100 euros on Tuesday. The value will reach an average of 542.78 euros per megawatt hour (MWh) in Portugal, according to OMIE, the operator that manages the daily and intraday Iberian market.
Compared to the values of this Monday, the average price increases by 100.24 euros.
The price is calculated by the average of the 24 hours of the day. This Tuesday, at the cheapest hour, the MWh will cost 424.88 euros, while the maximum amount paid to producers will reach 651 euros. The conflict between Russia and Ukraine is accelerating the upward trend in prices, while Russia is one of the main suppliers of oil and gas to Europe, and concerns about energy supplies are growing, given sanctions imposed by the European Union on