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Date Published: 24/08/2022

ARCHIVED - Electricity costs in Spain rise another 19 per cent overnight

ARCHIVED ARTICLE

August is on track to becoming the second most expensive month in history in Spain

<span style='color:#780948'>ARCHIVED</span> - Electricity costs in Spain rise another 19 per cent overnight

Energy bills in Spain have reached a new high on Wednesday August 24, something which hasn’t happened since the ‘Iberian exception’ was introduced in mid-June, a measure that put a limit on the price of gas.

Since this cost cap was implemented, consumers have had a bit of a reprieve and electricity prices in Spain have actually been increasing three times slower than in the rest of Europe. This short-term break appears to be over, however, as today the wholesale market has experienced a rise of 19.4%, hiking up electricity to a staggering 436.25 euros per megawatt hour.

The average bill is now approaching the extortionate levels seen in March and August already looks set to become the second most expensive month in history. Incredibly though, if the gas price cap wasn’t in place, electricity across Spain would cost 13% more.

Meanwhile, the Spanish government’s plan to reduce energy consumption by limiting air-conditioning temperatures and forcing public lighting displays to switch off after 10pm is exceeding all expectations, according to official reports. Next month, bars, restaurants and shops that use air-con will be obliged to install automatic doors.

Business owners are understandably worried about the cost, not to mention the fact that installation specialists will all be called on at the same time to meet the September 30 deadline, a factor that is likely to push prices up further.

Given that August is traditionally a holiday month when many trades professionals take an extended break, the president of Hospitality Madrid has appealed to the government to show some “flexibility” with the timeline.

Image: Archive

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