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Spanish electricity prices hit their highest prices since January
Households across Spain saw their megawatt price surge by almost 100% overnight
The average cost of electricity on the wholesale market shot up by an incredible 98.8% on Wednesday March 4, reaching €56.51 per megawatt hour (MWh) across Spain compared to €28.43 the day before.
This is the highest price electricity has reached since January 22.
According to the latest data from the Iberian Electricity Market Operator (OMIE) collected by Servimedia, the €56.51 per MWh represents an 89% increase compared to the €29.90 of Wednesday of last week and a 230% increase over the €17.22 of a month ago, on February 4.
Incredibly though, in year-on-year comparisons, yesterday’s prices were still 41.4% cheaper than March 4 of last year.
Alarmingly, this Thursday March 5, electricity in the wholesale market costs even more - €90.14 per MWh, to be exactly. And that’s before any additional charges, taxes or other fees are tacked onto your bill.
Given these huge numbers and the uncertainty resulting from the crisis in the Middle East, it’s important for households to take advantage of off-peak hours to save money on their electricity bill at the end of the month.
Thursday will start strong, with prices hovering around €90 during the first few hours. This will last until 7am, when the cost of each MWh will rise to around €150 until 11am, at which point a very welcome off-peak period for consumers will begin. This off-peak will last until 5pm, with the lowest point occurring between 1pm and 2pm, when the MWh will sit at €38.27.
From then on, Thursday will continue to tighten, yielding very high prices until its end; specifically, its most expensive moment will come between 7pm and 8pm, when it will be set at €158.49.
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