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ARCHIVED - Electricity in Spain almost 700 per cent more than a year ago
Each megawatt hour will cost 227 euros on Monday January 24 in Spain
Homeowners and businesses across Spain can’t have failed to notice the seemingly endless rise in the cost of electricity over the past 12 months, and the forecast unfortunately isn’t terribly promising. Despite the Spanish government extending its tax breaks in an attempt to lower the cost of the average energy bill, the wholesale cost of electricity has made another huge leap on Monday January 24 to an eye watering 227 euros per megawatt hour (MWh). This is a substantial rise of 12.74% compared to the previous day.
The differences are even more pronounced when one looks at the wholesale price of electricity from last year. On this day in 2021, each megawatt hour of power cost just 28.73 euros – a budget busting 690.11% less than it is today.
According to the Iberian Energy Market Operator (OMIE), the cheapest time to operate household appliances this Monday will be between 3am and 4am at just 177.46 euros/MWh while the most expensive time will be from 7pm to 8pm, at 297.33 euros.
The rise in the electricity market in recent months is mainly due to the high price of gas across the globe and carbon dioxide (CO2) emission rights, both of which are at all-time highs. As a result, in 2021, Spain along with the UK, France and Germany saw their wholesale electricity costs quadruple.
Last year ended with the highest energy prices in history, with an average cost of 111.93 euros/MWh, and December was the most expensive month ever, with an average price of 239.10 euros.
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