The price of electricity continues to soar in Spain. The main cause is the increase in gas prices due to the war in Ukraine. This raw material is used to generate electricity in combined cycle power plants, and as this energy source has been used to cover part of today's electricity demand, the price per megawatt hour is skyrocketing.
Specifically, and according to data from OMIE, the regulator in Spain and Portugal, for this Wednesday, May 18, the price of electricity will be 194.86 euros/MWh, a price 150% higher than a year ago, when the price was 77.65 euros/MWh.
This price, however, will only apply to households that have contracted a regulated tariff (PVPC), almost 11 million in Spain. As long as they have their bill in the free electricity market, they will only notice the increase when their contract is updated on an annual basis.
At what time is electricity cheapest?
The cheapest time for electricity will be in the afternoon. Specifically, between 14.00 and 15.00 hours, when electricity will cost 165.04 euros/MWh.
At what time is electricity most expensive?
The most expensive time to turn on the electricity will be at dinner time, between 21.00 and 22.00 hours, when it will cost 237.72 euros/MWh.
How much does electricity cost per hour?
- From 00:00 to 01:00 hours: 206.47 euros/MWh
- From 01 to 02 hours: 187.89 euros/MWh
- From 02 to 03 hours: 180.01 euros/MWh
- From 03 to 04 hours: 176.41 euros/MWh
- From 04 to 05 hours: 173.79 euros/MWh
- From 05 to 06 hours: 179.61 euros/MWh
- From 06 to 07 hours: 219.95 euros/MWh
- From 07 to 08 hours: 235 euros/MWh
- From 08 to 09 hours: 230 euros/MWh
- From 09 to 10 hours: 218.81 euros/MWh
- From 10 a.m. to 11 a.m.: 206.05 euros/MWh
- From 11 a.m. to 12 a.m.: 173.79 euros/MWh
- From 12 to 13 hours: 170.71 euros/MWh
- From 13 to 14 hours: 167.3 euros/MWh
- From 14 to 15 hours: 165.04 euros/MWh
- From 15 to 16 hours: 167.28 euros/MWh
- From 16 to 17 hours: 168.28 euros/MWh
- From 5pm to 6pm: 171.71 euros/MWh
- From 18 to 19 hours: 179.94 euros/MWh
- From 19 to 20 hours: 212.45 euros/MWh
- From 8 p.m. to 9 p.m.: 228.27 euros/MWh
- From 9 p.m. to 10 p.m.: 237.72 euros/MWh
- From 10pm to 11pm: 225.73 euros/MWh
- From 23 to 24 hours: 194.47 euros/MWh
Why does the price of electricity vary so much?
The main cause of the price fluctuations is that the price of gas is rising sharply and its use is essential for the production of energy in the so-called combined cycle power plants. Thus, any impact on the price of gas has an almost immediate impact on the price of electricity.
The current context does not exactly help to contain gas prices. Russia is one of the largest gas suppliers on the planet and the influence of the war in Ukraine has been felt halfway around the world, including Spain.