The price of electricity continues to skyrocket 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 plants, and as this energy source has been used to cover part of the demand for electricity today, the price of a megawatt hour is sky high.
Specifically, and according to data from OMIE, the regulator in Spain and Portugal, for this Tuesday, May 10, the price of electricity will be 208.71 euros/MWh, a price almost four times higher than a year ago , when the price was around 59 euros/MWh.
This price, however, will only be applied to households that have contracted a regulated rate (PVPC), almost 11 million in Spain. As long as they have their bill in the , they will only notice the increase when their contract is updated annually.
At what time is electricity cheaper?
The cheapest hour of electricity will be in the afternoon. Specifically, between 3:00 p.m. and 4:00 p.m., when electricity will cost 176.22 euros/MWh.
At what time is electricity more expensive?
The most expensive time to turn on the light will be at dinner time, between 07:00 and 08:00, when it will cost 237.95 euros/MWh.
How much does electricity cost every hour?
– From 00 to 01 hours: 216.41 euros/MWh
– From 01 to 02 hours: 205.61 euros/MWh
– From 02 to 03 hours: 197.97 euros/MWh
– From 03 to 04 hours: 198 euros/MWh
– From 04 to 05 hours: 198.35 euros/MWh
– From 05 to 06 hours: 202.35 euros/MWh
– From 06 to 07 hours: 224.08 euros/MWh
– From 07 to 08 hours: 237.95 euros/MWh
– From 08 to 09 hours: 235 euros/MWh
– From 9 a.m. to 10 a.m.: 220 euros/MWh
– From 10 a.m. to 11 a.m.: 210.02 euros/MWh
– From 11 a.m. to 12 p.m.: 201.50 euros/MWh
– From 12 to 13 hours: 195.63 euros/MWh
– From 13 to 14 hours: 186.52 euros/MWh
– From 2:00 p.m. to 3:00 p.m.: 185 euros/MWh
– From 15 to 16 hours: 176.22 euros/MWh
– From 4:00 p.m. to 5:00 p.m.: 179.37 euros/MWh
– From 5:00 p.m. to 6:00 p.m.: 193.58 euros/MWh
– From 6:00 p.m. to 7:00 p.m.: 209.78 euros/MWh
– From 7:00 p.m. to 8:00 p.m.: 215.95 euros/MWh
– From 8:00 p.m. to 9:00 p.m.: 230 euros/MWh
– From 9:00 p.m. to 10:00 p.m.: 236.96 euros/MWh
– From 10 p.m. to 11 p.m.: 229.09 euros/MWh
– From 23 to 24 hours: 223.61 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 experiencing strong increases and its use is essential for the production of energy in the so-called combined cycle plants. Thus, any impact on the price of gas has an almost immediate impact on the price of electricity.
The current context does not help, precisely, to contain the price of gas. Russia is one of the largest suppliers of gas on the planet and the influence of the war in Ukraine has been felt in half the world, including Spain.
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