Electricity prices in Spain surge to 368% more than last year

Electricity price in Spain to skyrocket again on Monday, January 10. image: wikimedia

Electricity prices in Spain surge to 368% more than last year

The average price of electricity in the wholesale market will skyrocket once again this Wednesday, December 29. It will increase by 73.5 per cent compared to this Tuesday 28, exceeding the level of €180/MWh.

According to provisional data published by the Iberian Energy Market Operator (OMIE), the ‘pool’ will mark an average of €181.09/MWh tomorrow, compared to 104.36/MWh today.

This brings an end to four days of decreases, where on Monday 27 we saw energy fall to €96.08/MWh, its lowest level since the beginning of November. Despite this rise, the price for this Wednesday remains far from the historical highs of last week, when it reached €383.67/MWh.

Compared to the corresponding day in 2020, when the price stood at €38.66/MWh, Wednesday’s electricity will cost 368 per cent more, which is five times more expensive.

By time slots, the maximum price of electricity for this Wednesday will be between 9pm and 10pm, at €255. The minimum, of €90.82, will be registered between 4am and 5am.

These rises in the electricity market are being blamed on high gas prices, and carbon dioxide (CO2) emission rights, both of which have hit record highs this year.

December is in line to be the most expensive month in history. The average cost for the month currently stands at €243.8, which is €43 more than last October, the month with the highest average to date, with 200/MWh, as reported by lasprovincias.es.

___________________________________________________________

Thank you for reading, and don’t forget to check The Euro Weekly News for all your up-to-date local and international news stories, and remember, you can also follow us on Facebook and Instagram.

FacebookTwitterRedditWhatsAppTelegramLinkedInEmailCopy Link
Go Back
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]

Comments


    • Philip

      29 December 2021 • 12:12

      As I have felt previously, these numbers are rather like COVID statistics, probably accurate but useless at giving meaningful information. Does anyone know what these translate to on your bill, ie the high, medium and low rates per KWh? In the dark ages they were about 24c, 14c and 10c.
      I suspect the rates change to totally random amounts at fairly random times during the day and that high, medium and low bands are now meaningless.
      I appreciate one can not do anything about it but it would be good to have some feel for the charges.

      Reply

    Leave a comment

    Your email address will not be published.