The price of electricity gives no respite in Spain. In the absence of the government's cap on gas prices coming into force, energy prices continue to soar. The main reason is that the price of gas continues to soar due to the invasion of Ukraine, and this raw material is key to the production of electricity in combined cycle power plants.
Specifically, and according to data from OMIE, the regulator in Spain and Portugal, for this Friday, May 20, the price of electricity will be 203.74 euros/MWh, a price 155% higher than a year ago, when the price was 79.79 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 15.00 and 16.00 hours, when electricity will cost 174 euros/MWh.
At what time is electricity most expensive?
The most expensive time to turn on the electricity will be at dinner time, between 20.00 and 21.00 hours, when it will cost 226.87 euros/MWh.
How much does electricity cost per hour?
- From 00:00 to 01:00 hours: 211.1 euros/MWh
- From 01 to 02 hours: 195.98 euros/MWh
- From 02 to 03 hours: 189.56 euros/MWh
- From 03 to 04 hours: 188 euros/MWh
- From 04 to 05 hours: 189.56 euros/MWh
- From 05 to 06 hours: 208.62 euros/MWh
- From 06 to 07 hours: 226.51 euros/MWh
- From 07 to 08 hours: 230.05 euros/MWh
- From 08 to 09 hours: 230.72 euros/MWh
- From 09 to 10 hours: 224 euros/MWh
- From 10 a.m. to 11 a.m.: 204.97 euros/MWh
- From 11 a.m. to 12 a.m.: 200.28 euros/MWh
- From 12 to 13 hours: 195 euros/MWh
- From 13 to 14 hours: 190.07 euros/MWh
- From 14 to 15 hours: 180.18 euros/MWh
- From 15 to 16 hours: 174 euros/MWh
- From 16 to 17 hours: 180.18 euros/MWh
- From 17 to 18 hours: 190 euros/MWh
- From 18 to 19 hours: 214.92 euros/MWh
- From 19 to 20 hours: 225.63 euros/MWh
- From 8 p.m. to 9 p.m.: 226.87 euros/MWh
- From 9 p.m. to 10 p.m.: 218.03 euros/MWh
- From 10pm to 11pm: 205.27 euros/MWh
- From 23 to 24 hours: 190.17 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.