Guess what? Electricity goes up tomorrow, but do you know how much?

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Electricity in Spain drops by around 30% for New Year's Eve
Electricity in Spain drops by around 30% for New Year's Eve. image: wikimedia

Guess what? I’m about to burst the electricity freedom bubble you’ve all been in today. Electricity goes up tomorrow, December 9, but do you know how much?

Prices in electric were reduced today for all consumers in Spain due to the national holiday based on the assumption of the Electricity companies that there is less demand on these days. Sorry to say folks, it’s just a magician’s trick. Tomorrow everything goes back to normality. The OMIE market data company, which measures and sets the price of energy in wholesale markets will double on Thursday, December 9 to 216.74 Euros per megawatt-hour (MW/h).

Even though the price of electricity increases tomorrow, the figure is 108% cheaper than a week ago when it was 220.66 Euros MW/h. Sounds like we’re heading in the right direction, right? Maybe not, a month ago, when we all thought electricity was sky high, it was actually still 21.5% cheaper than now. Last month, electricity hovered around 178.45 MW/h. So, if you do an annual comparison, when the price of electricity jumps tomorrow, it will be 4.5 times higher than it was 12 months ago when electricity cost 47.52 Euros MW/h.

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If you are frugal with your electric consumption then you might like to know that the most expensive time of the day tomorrow, Thursday 9 December will be between 21:00 and 22:00 when the price will be 252.59 Euros MW/h. The cheapest time of the day will be between 04:00 and 05:00 when the price will be at a minimum of 175.10 Euros MW/h.


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