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ARCHIVED - Electricity prices in Spain rise by 5 per cent
The cost of energy in Spain is now six times higher than a year ago
In what is by now a familiar trend, the average daily price of electricity in the wholesale market will rise by 5% on Monday October 11 to 184.48 euros per megawatt hour (MWh), thus resuming its upward climb after several decreases in the past few days.
According to data from the Iberian Electricity Market Operator (OMIE), the week begins with the second most expensive Monday in history after the cost levelled out somewhat over the weekend. Last week saw another new record being set as the price per MWh shot up to 288.53 euros on Thursday. It is worth noting that prices tend to drop on Saturdays and Sundays as the demand for electricity is reduced.
Despite this increase, the price this Monday is still slightly lower than a week ago, when the cost in the market sat at 186.46 euros/MWh. However, the cost of electricity is still a staggering six times more expensive than it was a year ago.
Consumers will face the highest costs today between the hours of 8pm and 9pm, when each megawatt hour will cost 241.27 euros. The cheapest time of the day will be from 2am and 3am, costing 125.01 euros.
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