PROPERTY SEARCH
PROPERTY SEARCH
ARCHIVED - Electricity prices in Spain reach a new record high
The wholesale cost of electricity in Spain has reached the highest price in history
As the summer gives way to autumn in Spain and the temperatures are set to begin their steady decline, home and business owners alike are yet to see any reprieve in the soaring costs of their electricity bills. Despite the Spanish government’s assurances last week that the extortionate costs would be curbed, the average daily price of electricity in the wholesale market has set a new record on Monday September 13, reaching 154.16 euros per megawatt hour (MWh).
Unbelievably, this is now the highest price in history in Spain and is a substantial 6.9% higher than the figure of 144.18 euros recorded on Sunday.
According to data from the designated electricity market operator (OMIE), after prices dipped slightly over the weekend they look to steadily increase once again as the week goes on. With the new tariff system in place, the cheapest time to use electrical appliances is between 5 and 6 in the morning, and prices skyrocket between the hours of 8pm and 9pm to a staggering 170 euros/MWh.
Last Monday, the average price of electricity in the wholesale market was 132.65 euros, around 21.50 euros less than it is today. Compared to September 13 of last year the difference is even more pronounced, when the cost per MWh was almost four times cheaper.
Even with a heatwave and with much of Spain on vacation, electric prices in August set record after daily record, pushing the average price of the month to 106 euros, the most expensive in history until now.
Image: Archive
Contact Spanish News Today: Editorial 966 260 896 /
Office 968 018 268
