Electricity Prices In Spain Shoot Up 27 Per Cent

ELECTRICITY prices in Spain shoot up 27 per cent at the beginning of the year

A whopping 11 million people in Spain will feel the added pinch when the electric bill arrives at the end of January, as the price of electricity has jumped by 27 per cent compares with 2020, meaning the average customer’s monthly bill will likely be almost €81. The timing could be a little bit better as the increase coincides with the cold snap affecting most of the country thanks to Storm Filomena.

The reason for the hike in consumer costs is that the price of electricity in the wholesale market has shot up to €94.99 per megawatt-hour (MWh), the second highest increase in history, according to the Iberian Electricity Market Operator (OMIE).

The average customer’s bill has not exceeded €80 since December 2018, according to data provided by Facua; however, the last month of 2020 did hint at things to come with a moderate hike of 7.2% in most bills.

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