Electricity in Spain costs four times more than this time last year

The price of electricity in Spain and Portugal on Friday, April 29. Image: pexels

Electricity in Spain costs four times more than this time last year

The price of electricity is this week again exceeding the €200/MWh barrier. Tomorrow, Tuesday, December 7, the wholesale market, or ‘pool’, will reach €211.81/MWh. That will be an increase of about 1 per cent more than today, Monday 6.

In relation to the same dates in 2020, tomorrow’s energy will be costing more than four times the price. This time last year, the price was €50.36/MWh.

This high price above €200/MWh was reached in almost 70 per cent of October. In November that high price was recorded in 45 per cent of the month, and in December, already in six out of the seven days.

December is already averaging a price of €205.5/MWh, which is €12 above November’s average of €193.43/MWh. October this year recorded the highest prices for electricity in history, with a monthly average of €200.06/MWh, which means that December is already €5 more expensive than October!

According to data from the Iberian Electricity Market Operator (OMIE), the maximum price tomorrow, Tuesday 7, will be recorded between 8am and 9am, when it will be €237.21/MWh. The minimum will be €186, 28/MWh between 11pm and midnight.

These price increases are blamed on the high prices of gas in international markets, and of carbon dioxide (CO2) emission rights. During 2021, these have been setting record highs month after month.

Spain is not alone in this crisis, other European countries are also suffering. In the United Kingdom, the electricity price tomorrow will hit £200.95 pounds (about €236). Germany will be at €216.19, France, €258.65, Italy at €252.60, and Portugal has the same price as Spain, as they share the same market, as reported by 20minutos.es.

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Written by

Chris King

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. Got a news story you want to share? Then get in touch at [email protected]

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