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ARCHIVED - Electricity prices in Spain hit lowest level of the year
Electricity in Spain will cost an average of 103.24 euros/MWh on Monday April 18
Fuelled by the invasion of Ukraine, electricity has reached record highs in recent months but there is some very good news on Monday April 18 as the price of energy will drop to its lowest level so far this year.
According to data from the Iberian Energy Market Operator (OMIE), the cost of electricity will be 103.24 euros per megawatt hour (MWh), 7% less than on Sunday and the lowest since December 27 2021.
Despite this welcome drop, it will still cost 60% more this Monday to power our homes and businesses in Spain than it did a year ago.
The most expensive time to run household appliances will be between 9pm and 10pm when each megawatt will cost a hefty 219.69 euros. The cheapest time is from 2pm and 3pm, when the cost will fall to just 45 euros/MWh.
To ease the burden on customers, the government approved a new national plan on March 29 which extends the tax reduction on electricity bills until the end of June, in addition to offering the electricity social voucher to an additional 1.9 million vulnerable households.
Another measure which should substantially reduce bills is the proposal by the Spanish and Portuguese governments to establish a reference price for gas of 30 euros per MWh, which would have a knock-on effect on the cost of electricity.
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Image: Wikimedia Commons
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