25 Aug, 2021 @ 20:30
1 min read

Electricity wholesale prices to reach another new record high in Spain

Electricity wholesale prices to reach another new record high in Spain
Pylons and power lines in morning light, Germany, Europe

WHOLESALE electricity prices in Spain will hit a new record figure tomorrow(August 26).

The news comes as three small political parties in Congress- Mas Pais, Compromis, and Nuevas Canarias have demanded a commission of inquiry to investigate the price hikes and future strategy.

The average daily wholesale market price will reach €122.76 per megawatt hour(MWh) tomorrow.

It beats the previous August 13 record of €117.29 per Mwh.

It means that the average electricity price is almost treble the August 2020 figure.

Consumer association Facua says that domestic bills for the first two weeks of this month are 43.7% higher than a year ago.

They calculate the average bill in August 2020 came in €63.77 and would have reached €100.78 this year had it not been for reduction of IVA rates to 10%.

Mas Pais deputy, Ines Sabanes said: “We can’t resolve this crisis without doing something about the scandalous profits of the large electricity companies.”

Spain’s competition regulator, the CNMC, is to investigate whether some domestic customers were ripped-off by the companies over new-look tariffs introduced earlier in the summer.

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