Expats worried as Ribera admits that electricity prices will continue to soar

Expats worried as Ribera admits that electricity prices will continue to soar Credit: Pixabay

Expats in Spain are worried as Ribera admits that electricity prices will continue to soar until the end of the year. The rising cost of electricity is worrying many expats in Spain as well as locals too.

In Spain the price of electricity for consumers in the regulated market is predicted to stay at shockingly high prices until the end of the year. The government made this forecast on Wednesday, July 28, according to the minister for Ecological Transition, Teresa Ribera.

This news comes only a day after Endesa said that electricity prices are expected to remain high until we enter 2023, as reported 20 minutes. This news has many people worried.

One British expat in Spain’s Almeria told EWN: “Electricity prices were already high but the news that they will remain so could cause many problems. At the moment it’s so hot in Spain and I am worried about using the aircon. I’ve no idea how much this is going to hammer my electricity bill.”

Ribera appeared alongside the Minister of Economy, Nadia Calviño. They confirmed that electricity prices will be in the high range for the remainder of the year. This is due to the fact that gas prices are high at the moment. In Spain the system which controls electricity charges uses the price of the most expensive electricity generated. Sadly, the most expensive electricity is generated by gas-fired power stations, so gas prices hit the electricity market and push-up the entire electricity bill.

Ribera explained that high gas prices also mean that electricity companies have to pay a higher amount for CO2 emission rights. This of course also hits consumers in the long run as the cost is passed on to users. Spain is in the middle of a system change that hopes to promote renewables and fix this problem in the long term.

Ribera did admit though that it is up to the government to offer guarantees so that energy prices do not “affect family economies or industrial recovery” of those most affected by the cost hikes.


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Alex
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Alex Glenn

Originally from the UK, Alex is based in Almeria and is a web reporter for The Euro Weekly News covering international and Spanish national news. Got a news story you want to share? Then get in touch at [email protected]

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