Electricity price in Spain breaks all records, with the most expensive bills in history on the way
At almost 123 euros per megawatt-hour, the wholesale price is almost triple the 46.25 of a year ago
The wholesale price of electricity in Spain continues to climb – without respite. When it was thought that it had peaked, this Thursday (26 August) the average daily price of electricity in the wholesale market will shoot to a new all-time high, reaching 122.76 euros per megawatt-hour (MWh).
The previous record was set on 13 August, when the energy price hit 117.29 euros/MWh, but the latest increase will see it jump more than five euros compared to that. This is despite a brief drop in the wholesale price being registered last week.
Therefore, the average wholesale price of electricity will be triple that of a year ago, when it stood at 46.25 euros.
Record electricity prices in Spain put many businesses on the ropes
It means that the electricity bill of an average user in August will be the most expensive in history, with an increase in the first fortnight of 43.7 percent compared to the same period last year, according to the Facua consumers’ organisation.
Therefore, the average user will pay 27.85 euros more than in August 2020, when the bill stood at 63.77 euros. The reduction in sales tax to 10 percent until December, while the average price per megawatt-hour is above 45 euros, dampens the rise by 9.16 euros. If the normal 21 percent were still applied, the average bill would top 100.78 euros.
Published surinenglish.com 26 August 2021