Electricity price hits 2022 high this Monday

The price of electricity in the wholesale market, for Portugal and Spain, will be set this Monday at 244.67 euros per Megawatt hour (MWh), up 15% compared to this Sunday. It will also be the highest value recorded in the month of January.

According to data from the Iberian Electricity Market Operator (OMIE), the maximum price this Monday will be reached between 7 p.m. and 8 p.m., at 285.68 euros per MWh, while the lowest daily value, 209.55 euros per MWh, will be recorded between 4 a.m. and 5 a.

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Also read Portugal and Spain with the most expensive electricity in Europe at Christmas

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year ago, storm Filomena brought a significant cold wave to Portugal, but particularly to Spain. Even so, at that time the price of electricity was around 64 euros per MWh.

Read also Price of electricity on the Iberian market exceeds the historic mark of 300 euros

The electricity market made 2021 the most expensive year ever since there has been an Iberian market, with the average annual price standing at 111.4 euros per MWh.

Last December even set an average value of 239.22 euros/MWh, figures never before recorded

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The historical levels of electricity prices are due to high gas prices on the national markets, as well as the increase in the costs of CO2 emission licenses and the decrease in production through renewable sources, namely wind power, which means that renewable production is not enough to meet the system's demand.

Between 2021 and 2022, a consumer in Portugal may pay an extra 181 euros in the energy bill, indicates the Spanish newspaper El Economista, using an estimate from Bank of America

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