Ron Howells
THE average daily price of electricity in Spain for the wholesale market will rise again this Friday, November 5 for the fifth consecutive day to €171.45 per megawatt-hour.
According to data published by the OMIE, Spain’s designated electricity market operator, today is the eighth day on which the price of electricity is below €200 per megawatt-hour (MWh). On Friday, October 29, prices plateaued after 16 days in a row above that level.
The All Saints holiday saw less demand from consumers, with the price of electricity plummeting to €79 on Sunday, October 31 which is the lowest since August, and rose slightly to €91 on Monday, Nov 1.
These prices pale in contrast with the €288.5 registered on October 7, setting a historical record as just a year ago it was trading at €33.99 per MWh.
Electricity prices have risen by a whopping 404% over the last year- making it five times more expensive than it has ever been.
The highest price this Friday will be between 8:00 p.m. and 9:00 p.m., when prices will reach €203.24 euros per MWh, while the lowest price will be between 3:00 p.m. and 4:00 p.m., with €143.06 per MWh- this, therefore, is the best time to put the washing machine, the dishwasher, electric cooker, or iron on.
The manufacturing and food industries are already beginning to feel the pinch. The price of bread, for example, has risen by 10% to cover increasing costs. Consumers should expect more price increases as wholesale electricity prices during the winter period will peak due to heavy demand.
READ MORE:
- Cold weather front expected to increase more demand for electricity in Malaga
- Electricity prices surged in August 2021
