By Chris King • 26 December 2021 • 18:09
Electricity prices in Spain will drop slightly on Tuesday, January 25.
According to provisional data published by the Iberian Energy Market Operator (OMIE), and collected by Europa Press, the average price of electricity in the wholesale market will continue to fall this Monday, December 27.
For the first time since November 1, the cost will be less than €100/MWh. Specifically, it will be €96.08/MWh. This will be a 49.04 per cent drop on today’s (Sunday 26) average price of €188.53/MWh.
Compared to the historical high of four days ago, when energy stood at €383.67, the price has fallen by 75 per cent. The falling cost is of course linked to the fact that we are in a holiday period, when there is less demand from businesses, and large consumers.
In comparison to 2020, the current prices are still sky-high. Last December 26, electricity in Spain cost an average of €26.51, while tomorrow’s price will be four times more than last Monday 27, an increase of 262.5 per cent.
Monday’s most expensive time will be between 6pm and 7pm, at €207.10/MWh, while the cheapest, at just €2.67/MWh, will be the hours between 2am and 6am.
These increases in the electricity market in recent months are being blamed on high gas prices, and carbon dioxide (CO2) emission rights, which have both hit record highs this year.
December’s average price stands at around €260, an increase of €60 compared to October, which was the most expensive month in history, as reported by diariodesevilla.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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