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Date Published: 20/07/2021
ARCHIVED - Spain is the most expensive country in the EU for electricity
Electricity prices in Spain rose by 3 per cent in the last 24 hours, reaching the second highest price in history
The hike in electricity prices throughout Spain has been a hot topic for debate in recent weeks since the new tariffs were introduced on June 1, and now new data published by Eurostat has revealed that Spain is the country registering the highest inflation rate for its electricity consumption in all of the European Union. In fact, the report published on Friday, July 16 shows that electricity is now 37.1 per cent more expensive than in June 2020, representing one of the biggest hikes since 1997.
As all of Europe moves toward using more renewable energy sources, the Spanish Government has developed the new system of charges to encourage consumers to use energy-heavy products outside peak times; therefore, anyone choosing to use appliances during times of high demand will face higher charges.
The rise in prices reflects the fact that Spain now has to pay more for electricity in the daily wholesale market, a cost which is being passed on to the consumer. The Organization of Consumers and Users (OCU) blames the high prices on the rising cost of natural gas and the increase in the price of CO2 rights, which aren’t likely to decrease any time soon.
To this end, the average monthly cost in June rose to €83.30 per mW/h – 172 per cent more than the €30.62 paid in the same month last year, according to OMIE, the operator of the electricity market in Spain and Portugal.
The bad news for consumers is that the increase doesn’t show any signs of slowing down. So far this month the average price of the daily wholesale market has shot up to €91.26 per mW/h, 9.5 per cent more than in June of last year.
According to the OCU, if the July trend continues, the average household bill with the regulated rate will grow to €72.2 in July, 5 per cent more than last month when it amounted to €68.8.
Find out how you can save money on your monthly electricity bills here.
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