The average wholesale electricity price will be 0.18 euros per MWh this Sunday, the lowest level of the year and one of the lowest in history, according to the Operador del Mercado Ibérico de Energía (OMIE). This marks a 94% drop from Saturday's 3.03 euros average. Ten hourly periods will see negative prices.
The Operador del Mercado Ibérico de Energía (OMIE) forecasts an average wholesale electricity price of 0.18 euros per megawatt hour (MWh) for Sunday, March 29, the lowest since January and one of the historical lows. Saturday averaged 3.03 euros, a 94% decline.
Ten hourly slots will feature negative prices, bottoming at -9.83 euros/MWh from 15:00 to 16:00. The peak will be 14 euros/MWh at 21:00. OMIE notes that negative prices do not translate to bill discounts.
Despite the Iran war's effect on energy markets, prices have dropped due to strong renewables output. Wind and solar photovoltaic sources produced over 50% of electricity since Thursday, nearing 80% when including hydro, nuclear, and thermosolar, per Red Eléctrica.
Following the US and Israel bombing of Iran, prices surged early March, from 15 euros/MWh on March 1 to over 90 euros on the 5th, peaking at 136.86 euros on the 10th. Since March 26, they have stayed below 10 euros. From January 2025, only 28 days have been under that level.
March and April are typically cheap months due to robust renewables, with ample water for hydro and nuclear backup. The previous lowest day was April 8, 2024, at 0.52 euros/MWh.
