Electricity price rises again to hit third-highest price in history

Image: Pixabay

Electricity price rises again in Spain to hit third-highest price in history.

The average price of electricity in Spain on the wholesale market has risen to a staggering 174.68 euros per megawatt hour on Monday, September 27. This is sure to hit both expats and Spaniards hard. Spain has watched as electricity prices have increased dramatically in the last few months.

Monday’s prices are an incredible near 9 per cent higher than the price seen on Sunday, which came in at 160.42 euros.

Electricity prices in Spain continue to skyrocket and this latest price is the third-highest seen in history according to La Sexta. Prices have risen by more than 11 per cent on those seen only a week ago. On Monday, September 20, prices hit 156.75 euros.

September began with prices at just over 132 euros, and so far this month prices have continued to hit record highs.

Only 10 days ago the highest price in history was recorded. The highest price came in at 188.18 euros, according to data recorded by the designated electricity market operator (OMIE).

As reported by La Sexta, “Monday’s 174.68 euros is four times the price of electricity a year ago and is the third highest price in history, after the 188.18 euros recorded on 16 September and 175.39 euros on 22 September.”

It is expected that the highest price on Monday will be 195.26 euros/MWh. This will occur between the hours of 8 pm and 9 pm.

So far this year July, August and September have seen incredibly high prices recorded on the wholesale market in Spain. At the moment high electricity prices are being driven by the international price of gas. Gas is used in thermal power plants and recently demand has been outstripping supply.

 


Thank you for taking the time to read this article, do remember to come back and check The Euro Weekly News website for all your up-to-date local and international news stories and remember, you can also follow us on Facebook and Instagram.

FacebookTwitterRedditWhatsAppTelegramLinkedInEmailCopy Link
Go Back
Alex
Written by

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]

Comments


    Leave a comment

    Your email address will not be published.