Electricity price in Spain 682% higher than year ago

by Lorraine Williamson
electricity price in Spain

MADRID – After the wholesale price of electricity in Spain breaks records time and again and inflation continues to drive up, on Monday it was 682.65% higher than on the same day in 2020. 

The economical supplement Cinco Días of El País writes “in addition, the price will set a historic record again on Monday 20 December with €339.84/MWh. With this figure, it is already the fifth time that the threshold of €300 has been crossed. This new record is an increase of 6.32% from the current average electricity price of 319.63/MWh. This is also a historic record. 

Maximum at €375/MWh 

Exactly one year ago, the energy price was €42.42. According to data published by the Iberian market authority OMIE, the maximum is on Monday between 8.00 pm and 9.00 pm with a price of €375/MWh. The lowest rate applies between 4.00 am and 5.00 am at €267.99/MWh. 

These prices directly affect the regulated tariff (PVPC) to which nearly 11 million consumers in the country are connected. In addition, they serve as a reference for the other 17 million people who have contracted their energy supply on the free market. 

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The reasons cited for the rising prices are the high gas prices on the markets in recent months and carbon dioxide emission rights, both of which reached record highs this year. 

December bill up 94%

The Spanish consumer association FACUA has calculated that the last bill of the year for the average consumer would come to an amount of €134.45 if the same rates are valid for the rest of the month. A year ago it was only €69.28 euros. Therefore, that represents a 94.1% price increase over the December 2020 electricity bill in Spain. 

The average user bill has increased by 15.1% this year compared to 2018. So, compared to €77.18 three years ago, the average monthly bill is now €90.87. 

Promise Spanish government 

The Spanish government nevertheless continues to insist that households pay the same this year as in 2018. As Ruben Sanchez, the general secretary of Facua noted: “The electricity bill for December should be negative for President Sanchez and Minister Ribera, to fulfil their promise. consumers will pay the same this year as in 2018 once the CPI were factored in. To achieve that goal, the average user would need to receive a bill in which their electric company would pay back 12 at the end of this month.” 

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