Electricity prices in Spain set to reach a historic high on Monday

The price of electricity in Spain and Portugal on Friday, May 6

Electricity prices in Spain will drop slightly on Tuesday, January 25. image: Wikipeida

Electricity prices in Spain will reach a historic high on Monday, October4.

The average price of electricity in the wholesale market (pool) has been set for this Monday, October 4, at 186.46 euros per megawatt-hour (MWh), representing a rise of 67% compared to the price set for Saturday, thus breaking the downward trend that it brought after two consecutive days of falls.

According to data from the Iberian Electricity Market Operator (OMIE), the maximum price tomorrow will be reached between 9:00 p.m. and 10:00 p.m. when it will be 249 euros / MWh, while the minimum will be 141.59 euros / MWh between 3:00 and 4:00 in the afternoon.

Compared to a week ago, when the price of electricity in the Spanish wholesale market (the pool) was 174.68 euros / MWh, the increase is 6.7%. Compared with a year ago, the price of electricity is multiplied by almost a factor of six.

This situation occurs in the midst of a rise in the price of all raw materials linked to energy production all around the world, such as gas, oil and coal, which at the same time triggers a spike in CO2 levels which are also at record highs.

The price of electricity in Spain previously marked its highest historical prices in both July and August, with September exceeding both records, to an average of 156.14 euros in the ninth month of the year.

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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.