By Chris King • 02 November 2021 • 19:46
The price of electricity in Spain and Portugal on Monday, May 2.
The average daily price of electricity in the wholesale market will rise again this Wednesday, November 3, to €154.29 euros per megawatt-hour (MWh). This will be the third consecutive day that the cost has risen, although it remains below €200.
According to OMIE data, electricity prices have been below this threshold since last Friday, October 29. This means that prices have stayed below the €200 mark for six days in a row, ending a streak of 16 consecutive days where the price was above €200.
Coinciding with the All Saints bridge, when there was a lower demand due to it being a holiday, the price of electricity plummeted by €79 last Sunday 31. Again, yesterday, Monday 1, falling by €91, the lowest since August. These data contrast with the €288.50 that was recorded on October 7, an absolute record to date.
Despite this new downward trend, electricity is still at very high levels compared to previously. Specifically, just a year ago it was trading at €39.02 so the price increase in the last year is 295 per cent, almost four times more expensive. Compared to last week, the price falls by 31.7 per cent, and the daily change adds up to 5.7 per cent.
The highest price this Wednesday will be between 8pm and 9pm, when it will reach €202.90/MWh, while the lowest will be registered between 2pm and 3pm, when it will trade at €118/MWh.
At the end of October, the average stood at €200.06/MWh, that is, €44 above the September average of €156.14/MWh. This makes October the most expensive month in history so far. With the first three data for November, the average would be €130.48/MWh.
According to an analysis by Facua-Consumidores en Accion, the average user’s receipt in October reached €120.68, 86.8 per cent above the €64.61 in the corresponding month last year. So far this year, the average user’s bill has averaged €86.02, which represents an increase of 11.5 per cent compared to the €77.18 for all of 2018.
The Government has promised that in 2021 citizens will pay the same for electricity that they paid in 2018, a goal that the consumer organization believes “highly unlikely to be achieved”, as reported by 20minutos.es.
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Originally from Wales, Chris spent years on the Costa del Sol before moving to the Algarve where he is a web reporter for The Euro Weekly News covering international and Spanish national news.
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