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Date Published: 23/08/2023

Electricity prices soar in the midst of the Spanish heatwave

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Energy costs in Spain have reached their highest level in six months

Electricity prices soar in the midst of the Spanish heatwave

The average price of electricity in Spain has jumped by 11.82% in the last 24 hours to stand at 134.94 euros per megawatt hour (MWh) on Wednesday August 23. This is the highest cost energy has reached since March and couldn’t come at a worse time, right in the middle of the fourth Spanish summer heatwave.

By time slots, the most expensive time to run appliances like air conditioners and fans on Wednesday will be between 9pm and 10pm, when the price will rise to a staggering 180.34 euros/MWh.

This expense is mirrored by the cost of natural gas, whose price has been pushed up by 13.8% because of increased demand.

All of this is in spite of the fact that the Iberian exception, an agreement reached between Spain, Portugal and the European Commission to cap the price of gas for electricity generation, has been extended until December 31.

Also of interest: Beat the heat: 10 tips to survive a heatwave without air conditioning

Image: Freepik

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