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ARCHIVED - Electricity prices in Spain to increase by 475 euros this year
Energy costs in Spain have risen for six consecutive days
It’s no secret that electricity prices around the globe rose sharply in 2021 thanks to the high cost of natural gas and increasing CO2 emission charges in Europe, but the situation shows no signs of improving and the Bank of America has actually predicted that energy costs in Spain will increase by a whopping 475 euros this year.
Despite the fact that the Spanish government has extended a series of tax breaks aimed at easing the burden on consumers, experts agree that these measure will only translate into a saving of 170 euros per household; that’s just a third of the overall increase forecast during 2022.
In neighbouring Portugal, the government has also announced a series of measures to control the exponential increase, but since around 45% of the country’s energy is sold at fixed rates not affected by raw material prices, the average consumer isn’t feeling quite the same pinch as customers in Spain.
Unfortunately, the analysts estimate that the measures being implemented by Spain and other nations such as the UK will only serve to cover a quarter of household energy expenditure.
On Friday January 7, the average price of electricity in the wholesale market will reach 215.86 euros per megawatt hour, the sixth consecutive day of increases. Early birds will fare the best as the cheapest time to run household appliances is between 4am and 5am, while the most expensive time block is from 6pm to 7pm when each megawatt hour will cost a whopping 260 euros.
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