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Date Published: 21/04/2022

ARCHIVED - Electricity prices in Spain rebound by 90 per cent

ARCHIVED ARTICLE

Electricity in Spain will cost an average of 161 euros/MWh on Thursday April 21

<span style='color:#780948'>ARCHIVED</span> - Electricity prices in Spain rebound by 90 per cent

The cost of energy in Spain continues to be extremely volatile and after dipping to its lowest point of the year on Wednesday, the wholesale price of electricity has experienced a terrific rebound on April 21, rising almost 90% to reach 161.72 euros per megawatt hour (MWh).

This is a shocking increase of 76.5 euros in just 24 hours, according to the data published by the Operator of the Iberian Energy Market (OMIE). In contrast, Wednesday’s 85.19 euros/MWh charge represented the lowest cost in Spain since October 31 last year.

This Thursday, the most expensive time to use household appliances will be between 9pm and 10pm, when each unit will cost 223.61 euros. The most economical time is from 4pm to 5pm, when it will drop to just 101 euros/MWh.

Compared to a year ago, the average price of electricity for this Thursday will be 103% more expensive than the 79.6 euros/MWh of April 21 2021.

Consumers in Spain experienced some relief earlier this month with cheaper bills, due mainly to a reduction in the price of natural gas and a greater contribution by renewable energies, but gas has once again shot up by 21% in the last couple of days, pushing up the price of electricity.

To mitigate the impact, the Spanish and Portuguese governments have submitted a proposal to the European Commission to establish a reference price for gas of 30 euros/MWh, but this has yet to be approved.

You might also like: Data confirms 2021 electricity bills were similar to 2018 prices in Spain

Image: Wikimedia Commons

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