Storms that hit the Iberian Peninsula, leaving hundreds of liters per square meter in many places in Spain, as well as winds gusting up to 165 kilometers per hour, led to a complete collapse in electricity prices.

In particular, this Saturday Spaniards will not have to pay to turn on the heating, oven or washing machine for several hours a day. Thus, the price will fall by 73.7% compared to this Friday. up to 1.51 euro per megawatt-hour (MWh), marking a new annual low driven by the high presence of renewables – mainly wind and hydro – in electricity generation.

In fact, we’ll have to go back to find a lower electric pool price than this Saturday until January 31, 2021, when the daily average is set. 1.42 EUR/MWh.

By time intervals, the maximum price, 4.3 euro/MWh, will be registered at the first hour of the day. However, there will be another day with clocks at zero euro per MWh -from 15:00 to 16:00 and from 23:00 to 12:00.- reports the national market operator OMIE.

In addition, during the day, which lasts from 11:00 to 18:00, the wholesale electricity market will also set minimum prices close to zero EUR/MWh.

In October and so far in November, prices have fallen below one euro, figures that until now seemed impossible.

Thus, the pool remains at the historically low prices it recorded in late October and early November, driven by ongoing storms across the peninsula and lower demand heading into the weekend.

The large presence of renewable generation, especially wind, due to the impact of hurricanes in Spain, with a series of hurricanes causing strong winds and rain, allows the “pool” to register such low prices.

In October, over just four days, the average pool price was just over €4/MWh, compared to just over €115/MWh recorded in the same month last year.

Thus, Spain, along with Portugal, will have the lowest pool price on Saturday compared to other countries of the Old Continent, where in France or Germany the price will exceed 24 euros/MWh, and in the United Kingdom it will exceed 93 pounds/MWh (approx. 106 euros).