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Date Published: 04/05/2022

Electricity prices shoot up more than 5 per cent in Spain

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Electricity will once again exceed 200 euros/MWh in Spain this week

Electricity prices shoot up more than 5 per cent in Spain

Electricity prices in Spain continue their uncomfortable fluctuation and on Wednesday May 4 the cost on the wholesale market will be bumped up once again, increasing by 5.57% in just 24 hours to reach 202.15 euros/MWh. This will be the first time electricity has exceeded 200 euros this month, and it’s the highest value recorded since April 29.

Moreover, the average price of electricity this Wednesday will be 148.7% more expensive than it was on the same day last year, when each megawatt hour cost 81.27 euros.

Consumers across Spain are eagerly awaiting the approval of a reduced gas rate that was agreed last month between the EC and the Spanish and Portuguese governments. Capping gas prices at 50 euros/MWh over the next 12 months will have a direct impact on electricity bills for most customers, but experts have warned that this energy source will still cost the average household 15 euros more per month than it did last year, and may not come in as soon as first expected.

The electricity market over the last few months has been extremely volatile; in April, the average user’s electricity bill came in at 124.90 euros, which is 53.2% higher than the same month last year and the fifth highest in history. However, this was actually a notable decrease of 29.3% compared to March, which itself was the most expensive ever recorded.

On May 4, the most economical time for electricity use in the home will be between noon and 1pm, coming in at 185.25 euros/MWh, while the most expensive time will be from 10pm to 11pm, when a megawatt will cost 218 euros.

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