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ARCHIVED - Electricity in Spain reaches third highest price in history
Rising gas prices and CO2 emission tariffs are behind the huge hike in electricity costs in Spain
After several months of fluctuating bills in Spain, the price of electricity is on the rise once more, and the wholesale market has soared by 9% on Monday September 27 to 174.68 euros per megawatt hour (MWh). This will be the third highest price registered since records began, only behind 188.18 euros seen on August 16 and 175.87 euros on September 22.
The new hike will once again be felt by consumers after the cost of the average bill fell over the last couple of days, and while the wholesale cost remains 7% below the historical maximum, it is still four times more expensive than a year ago.
According to data from the Iberian Electricity Market Operator (OMIE), the highest price will be experienced tonight between 9pm and 10pm at 195.26 euros per MWh, while the cheapest time to run household appliances will be from 4am to 5am when the price will fall to 138.60 euros.
With this new rise, the average price of electricity so far in September has already climbed above 152 euros per MWh, almost 44% more expensive than the 106 euros registered at the end of August, the most expensive month in history.
The main factors behind the price hikes are the soaring prices of gas in the international markets coupled with the cost of CO2 emission rights, which have been setting record highs month after month this year.
Spain isn’t the only country to feel the pinch, with the UK paying an average of 132.37 pounds (155 euros) per MWh, Germany forking out 143.22 euros and each MWh in France costing 146.21 euros. Portugal shares the electricity market with Spain and thus pays the same wholesale price.
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