Friday. 02.12.2022
ENERGY

The price of electricity in Spain breaks another record this Friday

This is the third time in a row that the price of electricity has reached an all-time high

06 November 2021, Spain, Barcelona: People take part in a protest against rising energy prices. Photo: Matthias Oesterle/ZUMA Press Wire/dpa
People take part in a protest against rising energy prices in Barcelona. Photo: Matthias Oesterle/dpa/File photo.

The average price of electricity in the wholesale market is breaking another record on Friday 17 December 2021.

According to data from the market operator OMIE, the average price of electricity will be 309.42 euros per megawatt hour on Friday, 2.29% more than the previous day.

The most expensive time slot will once again be between 8:00 p.m. and 9:00 p.m. At that time, electricity will be paid at 350 euros per megawatt hour. The cheapest time of the day, between 5:00 and 6:00 a.m., with 250 euros per megawatt hour. Too bad most consumers will still be sleeping at that time.

This is the third time in a row that the price of electricity has reached an all-time high.

The higher price of natural gas in the international markets (120 euros per megawatt hour at the beginning of the week), due to geopolitical tensions between Russia and the European Union, is one of the main causes of this price hike. The rise in the price of CO2 emission rights (80 euros per ton) is also pushing energy prices up.

The prime minister's promise

More and more voices in Spain, among experts and politicians, say that the promise made by Prime Minister Pedro Sanchez that Spaniards will pay the same price for electricity at the end of the year as in 2018 will not be fulfilled.

Faced with this complicated situation, Minister of Finance Maria Jesus Montero said on Wednesday in the lower house of Parliament (Congreso de los Diputados) that the Spanish government has decided again to lower the taxes on the electricity bill as of 1 January, when the tax discounts now in force will expire.

The price of electricity in Spain breaks another record this Friday
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