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The energy sector, or electricity market, in Spain is divided into two markets: the free market and the regulated market. Each one offers different options in terms of tariffs and services. To make an informed decision when choosing an energy supplier, it is important to understand the differences between the two markets.
In this article, we analyse their main characteristics and differences so you can better understand each one and analyse which option may be best for your home.
The free market is the energy market where companies operate without prices being directly set by the Government. Because they have more flexibility, suppliers can offer a wider variety of electricity tariffs.
In this market, consumers freely choose their energy supplier. Tariffs are different from regulated tariffs and can be better adapted to personal consumption habits.
Some of the main advantages of the free market are:
The regulated market includes the PVPC, or Precio Voluntario para el Pequeño Consumidor, which can be translated as the Voluntary Price for the Small Consumer. It is also known as the regulated tariff and is supervised by the competent public authorities.
It is also known as hourly pricing, because the price changes every hour. Every day, 24 different prices are set according to demand, which can make bills vary significantly from one week to another.
The number of companies operating in the regulated market is limited. In addition, consumers can only contract the regulated tariff, with no option to add extra services.
For users with regulated market tariffs, it is important to check today's hourly electricity price to know when it is more cost-effective to use appliances connected to the electricity supply.
There are major differences between the free and regulated electricity markets, and these can be seen in several areas. To make an informed choice about which is the best electricity and/or gas offer for you, it is useful to understand the characteristics of each market.
The regulated market is controlled and supervised by the State, specifically by the Ministry of Industry, Energy and Tourism. Due to these regulations, the number of companies that can sell energy in this market is limited. In addition, they can only sell electricity under the PVPC tariff, without any extra services.
There is no lock-in period, so consumers can switch to another supplier at any time without penalties. It is also the only market compatible with the Bono Social, or electricity social bonus, for consumers who need help with their electricity bill.
In this market, consumers have greater freedom to choose both supplier and tariff. Energy suppliers compete with each other by offering different prices and additional services. As a result, consumers may be able to access a more stable price than in the wholesale market.
Tariffs are also adapted to customers' consumption habits and may include ongoing advice.
The differences between the regulated and free markets may seem minor, but understanding them is key to choosing well. Here are four important differences:
Both options include a fixed charge linked to the contracted power capacity and a variable charge depending on consumption, plus electricity system charges, access tolls and taxes.
Both markets have different advantages, so the cheapest option may vary depending on each consumer's specific needs.
Analyse the differences carefully and consider which option best fits your lifestyle. Contract a tariff adapted to your needs based on all the points reviewed in this article.