Friday. 02.12.2022
ENERGY

Price of electricity in Spain sets new record due to rising gas price

The most expensive time of the day will be between 8:00 p.m. and 9:00 p.m., when electricity will reach a price of 319.13 euros per megawatt hour
28 October 2021, Spain, Madrid: The spokesperson of the Alliance Against Energy Poverty Maria Campuzano takes part in a demonstration to denounce the rise in electricity and gas prices and to demand responsibility from the government, in the Plaza de la Villa. Photo: Gustavo Valiente/EUROPA PRESS/dpa
The spokesperson of the Alliance Against Energy Poverty Maria Campuzano in a protest against the rise in energy prices. Photo: Gustavo Valiente/dpa.

The price of electricity in the Spanish wholesale market will mark a new all-time high on Wednesday, with an average cost of 291.73 euros per megawatt hour, according to data from the operator OMIE.

The previous record, reached on 7 October was an average of 288.53 euros.

But this record will be long exceeded during peak hours. The most expensive time of the day will be between 8:00 p.m. and 9:00 p.m., when electricity will reach a price of 319.13 euros per megawatt hour.

On the contrary, the cheapest time of the day will be between 4:00 a.m. 5:00 a.m., when turning on the lights or some appliances in Spain will cost 'only' 261.73 euros per megawatt hour.

The average mark of the day will be the highest in history on Wednesday, but the price will not exceed during the day the level of 320 euros reached during peak hours on Tuesday.

Washing machines, irons

Experts recommend avoiding actions that lead to the highest consumption (use of washing machines, irons, ovens ...) between 5:00 p.m. and 11:00 p.m., when the price of electricity will be around or above 300 euros.

The uncontrolled rise in the price of electricity is caused, among other factors, by the sharp increase in the price of gas.

The growing tensions between the European Union (EU) and Russia due to the situation in Ukraine and the increase in demand due to the cold winter are the main causes. Natural gas, which is used to produce electricity in combined cycle plants, is currently the main component that affects the final price.

Price of electricity in Spain sets new record due to rising gas price
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