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Date Published: 19/10/2022

ARCHIVED - Electricity in Spain plummets to lowest price this year

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Prices will drop to just 80.50 euros/MWh this Wednesday October 19 in Spain

<span style='color:#780948'>ARCHIVED</span> - Electricity in Spain plummets to lowest price this year

While the sun is still shining, Wednesday October 19 would be a good day to put the washing machine on and catch up on the laundry since electricity will reach its lowest price of the entire year. The cost is set to plummet by more than 30%, reaching 80.50 euros per megawatt hour (MWh).

With prices endlessly increasing for months now, running household appliances hasn’t been this cheap since October 31 of last year, when electricity dipped to just 79 euros/MWh.

The savings are made possible by the cap the government placed on the price of gas used to generate electricity; without this mechanism, each megawatt hour would be four euros more expensive this Wednesday.

In general, you’ll see the best value if you run appliances between 2pm and 3pm, with the rate set at just 48.70 euros/MWh. On the flip side, you’ll pay the highest price from 8pm to 9pm, when the cost will jump to 136.70 euros.

Portugal, which shares the market with Spain and is part of the ‘Iberian exception’ will also enjoy a cheap energy day, with the wholesale price hovering around the 80 euros/MWh.

In contrast, countries that don’t have this gas cap will pay the same extortionate prices we’ve come to expect. In Italy, electricity will reach 176 euros/MWh while it will creep up to 168.50 in Germany; in France, it’s 159 euros/MWh and in the UK, 66 pounds (around 76 euros).

Consumers in the United Kingdom are also enjoying slightly cheaper energy bills thanks to the government’s recent intervention, although financial experts believe this won’t be enough to ward off a ‘technical recession’ that could last well into the summer next year.

Image: Freepik

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