Electricity prices in Spain surge to 368% more than last year

Electricity prices in Spain surge to 368% more than last year

The average price of electricity in the wholesale market will skyrocket once again this Wednesday, December 29. It will increase by 73.5 per cent compared to this Tuesday 28, exceeding the level of €180/MWh.

According to provisional data published by the Iberian Energy Market Operator (OMIE), the ‘pool’ will mark an average of €181.09/MWh tomorrow, compared to 104.36/MWh today.

This brings an end to four days of decreases, where on Monday 27 we saw energy fall to €96.08/MWh, its lowest level since the beginning of November. Despite this rise, the price for this Wednesday remains far from the historical highs of last week, when it reached €383.67/MWh.

Compared to the corresponding day in 2020, when the price stood at €38.66/MWh, Wednesday’s electricity will cost 368 per cent more, which is five times more expensive.

By time slots, the maximum price of electricity for this Wednesday will be between 9pm and 10pm, at €255. The minimum, of €90.82, will be registered between 4am and 5am.

These rises in the electricity market are being blamed on high gas prices, and carbon dioxide (CO2) emission rights, both of which have hit record highs this year.

December is in line to be the most expensive month in history. The average cost for the month currently stands at €243.8, which is €43 more than last October, the month with the highest average to date, with 200/MWh, as reported by lasprovincias.es.

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