Electricity prices in Spain continue to set new historical highs

Electricity prices in Spain continue to set new historical highs

Electricity prices in Spain continue to set new historical highs on Monday, September 6.

The average daily price of electricity in the wholesale market is set to rise this Monday after three days of falls, to 132.65 euros per megawatt-hour (MWh), and will mark the most expensive Monday for consumers in the history of Spain.

Specifically, the price of electricity this Monday will be almost 4 euros more than the one charged on Sunday and 8 euros more than that of a week ago, on Monday, August 30, when it stood at 124.45 euros MWh.

It also multiplies by four the cost of a year ago, when a daily price of 31.67 euros per MWh was registered. The price of electricity has now risen again after the slight respite registered at the weekend and after setting record after record between Monday and Thursday, according to OMIE data.

Last week began with the price soaring almost 22%, registering a rise of 5% on Tuesday, 1.5% on Wednesday and 6% on Thursday. After a bullish rally, this Friday the price fell by 1.8%, to 137.7 euros, on Saturday another 2%, to 134.89 euros MWh, and on Sunday 4.59%, to 128.70 euros MWh.

Taking into account the new tariffs the cheapest times this Monday will take place between 04.00 and 05.00 hours when it will drop to 108.52 euros- the most expensive will be between 8:00 p.m. and 9:00 p.m. when the price will skyrocket to 153.63 euros.

During the month of August, and in the heat of the heatwave, the price was setting a new record after another, causing the average price of the month to reach 106 euros / MWh, the most expensive month in history, after July, that already marked another record, with a price of 92.4 euros/ MWh.

These prices are likely to carry on for months, indicated OMIE.

 


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Ron Howells

Ron actually started his working career as an Ophthalmic Technician- things changed when, during a band rehearsal, his amplifier blew up and he couldn’t get it fixed so he took a course at Birmingham University and ended up doing a degree course. He built up a chain of electronics stores and sold them as a franchise over 35 years ago. After five years touring the world Ron decided to move to Spain with his wife and son, a place they had visited over the years, and only bought the villa they live in because it has a guitar-shaped swimming pool!. Playing the guitar since the age of 7, he can often be seen, (and heard!) at beach bars and clubs along the length of the coast. He has always been interested in the news and constantly thrives to present his articles in an interesting and engaging way.

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