ELECTRICITY prices are set to soar in Spain from January 19 as prices edge towards a previous record set in 2013. Wholesale prices will rise to €85.79 per megawatt hour according to market experts Omie.
Consumers who have smart metering and pay hourly charges will pay upwards of €95 per megawatt hour at 8pm when prices will be highest. With the price hike it is estimated that the average consumer in Spain will now pay around €100 extra per year for electricity.
The market is doing well for itself with the recent cold snap and the export of electricity to France which has reduced the availability of nuclear energy. Gas and oil prices have also been artificially inflated by the Organization of Petroleum Exporting Countries, OPEC, contributing to the price hike here in Spain.