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 Sunday, May 22, the average price of electricity will be 170.56 euros/MWh, a quite significant amount if compared to last year's price, which was 69.97 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 101.40 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 227.90 euros/MWh.
How much does electricity cost per hour?
- From 00:00 to 01:00 hours: 214.57 euros/MWh
- From 01 to 02 hours: 179.4 euros/MWh
- From 02 to 03 hours: 172.5 euros/MWh
- From 03 to 04 hours: 172.24 euros/MWh
- From 04 to 05 hours: 172.21 euros/MWh
- From 05 to 06 hours: 174.65 euros/MWh
- From 06 to 07 hours: 180.18 euros/MWh
- From 07 to 08 hours: 180.18 euros/MWh
- From 08 to 09 hours: 180.01 euros/MWh
- From 09 to 10 hours: 169.47 euros/MWh
- From 10 to 11 hours: 165.49 euros/MWh
- From 11 a.m. to 12 a.m.: 160 euros/MWh
- From 12 to 13 hours: 149.01 euros/MWh
- From 1pm to 2pm: 141.98 euros/MWh
- From 14 to 15 hours: 101.4 euros/MWh
- From 15 to 16 hours: 103.7 euros/MWh
- From 16 to 17 hours: 133.19 euros/MWh
- From 17 to 18 hours: 141.98 euros/MWh
- From 18 to 19 hours: 149.9 euros/MWh
- From 19 to 20 hours: 166.54 euros/MWh
- From 8 p.m. to 9 p.m.: 220.43 euros/MWh
- From 9 p.m. to 10 p.m.: 227.9 euros/MWh
- From 10 p.m. to 11 p.m.: 220.43 euros/MWh
- From 23 to 24 hours: 216.11 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.