Electricity prices fall in Spain thanks to Russia

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Electricity prices fall in Spain thanks to Russia’s Putin.

Russia recently announced that it would supply more gas to Europe. Gas prices dropped after Putin ordered Gazprom to increase Europe’s gas reserves. This means that electricity prices have are falling on the wholesale market.

On the wholesale market, the average daily electricity price is expected to fall by just over 14 per cent on Friday, October 29. The price will come in at 175.83 euros per megawatt hour (MWh). Friday will be the first day in over two weeks where the electricity price has dropped below the 200 euro mark.

The international price of gas has caused electricity prices to fall. Gas prices have fallen after Russian President Vladimir Putin announced that gas supplies in Europe would be increased. Months of conflict have ended and the NordStream 2 gas pipeline is set to open in November. This has also caused gas prices to drop according to Invertia. Earlier this month electricity hit a staggering price of 288.53 euros.

Electricity prices are interlinked with the price of gas.

Both Spaniards and expats alike will be pleased to see electricity prices fall. Recently prices have soared. Prices still remain high though.


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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]

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