Crisis between Russia and Ukraine causes price of electricity to rise in Spain

The escalating geopolitical crisis between Russia and Ukraine is already causing the price of electricity to rise in Spain, which is currently at its second-highest of 2022.
The geopolitical crisis between Russia and Ukraine coincides with the rising prices of the energy market. The value of gas began to rise over the weekend, pushing the price of electricity to more than 227 euros/MWh, which is what Spanish households will pay on Monday, January 24.
The pressure exerted by gas on the Spanish energy mix has had a strong impact on the price of electricity. Over the last three days, the price has gone from 179 euros/MWh on January 21 to 227 euros/MWh on January 24.
Around 35% of the electricity consumed today in Spain will come from combined cycle power plants, which use gas as a main source of production. Specifically, of the total 848 GWh generated, 302 GWh have been produced from gas.
“A Russian attack on Ukraine would have some very important consequences for gas, especially in Europe,” stated Gonzalo Escribano, an expert in energetic geostrategy.
An armed conflict could cause supply problems, either due to the destruction of infrastructure or due to a unilateral decision made by Russia as a means of retaliating against international sanctions.
“For the moment, Russia is complying with contracts, but it has stopped supplying additional gas,” said Escribano, director of the Energy and Climate Programme at the Elcano Royal Institute.
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