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ARCHIVED - Electricity prices in Spain reach yet another historical high
Just days into the month of October, electricity prices throughout Spain are the highest ever seen
Experts have warned that the wholesale price of electricity is set to continue its steady rise until at least March next year and their predictions appear to be accurate thus far. The average cost of power has reached yet another historical high on Wednesday October 6, hitting a staggering 228.59 euros per megawatt hour (MWh), 12.2% more than the previous day, according to the Operator of the Iberian Electricity Market (OMIE).
The wholesale price has now exceeded the 200 euro barrier for the third time and just days into the month of October, it has already hit two historical records. The news isn’t as devastating as it might first appear, however, as a range of tax breaks implemented by the Spanish government means that the skyrocketing costs shouldn’t be passed on to consumers, and average household bills should actually be coming down.
Overall, electricity will be at its most expensive between 9pm and 10pm tonight when it will reach 260 euros per MWh. The best value will be observed from 4pm to 5pm, when the price will drop to 193.20 euros.
This Wednesday, the wholesale price of electricity is 5.5 times higher than on the same day last year, when each MWh cost just 41 euros.
October has already overtaken September, which was the most expensive month for electricity since records began, and the incredible inflation is due mainly to the huge price escalation on gas in the European and global markets. Today, the cost of this fuel in the Iberian Gas Market stands at 91.25 euros per MWh, 17.4% (13.55 euros) more than the previous day.
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