The price of electricity in Spain in the wholesale market will rise again this Monday, January 10.

Compared to €119.24/MWh yesterday, Sunday, January 8, the cost will increase by 82.2 per cent. This, once again, brings a return to prices over €200.

According to provisional data published by the Iberian Energy Market Operator (OMIE), the cost tomorrow will be an average of €217.26/MWh.

By time slots, the maximum price of electricity on January 10 will be between 7 pm and 8 pm, when it will reach €294.98/MWh. The minimum will be from 2 am to 3 am, at €158.70/MWh

A  year ago, the price for this corresponding Monday was €66.27, making tomorrow’s price an equivalent of 227.80 per cent more expensive than in 2020.

The rises in the electricity market are being blamed on high gas prices and carbon dioxide (CO2) emission rights, both of which have hit record highs this year.

December closed with an average monthly price in the electricity wholesale market of €239.10, the highest in history, after exceeding the €200/MWh record set last October by more than €39.

British ex-pats living in Spain are already noticing their electric bills increase from suppliers, Charlie Faulkner in Fuengirola told Global247news:

“Electric has always been expensive here in Spain, but it’s skyrocketing right now, and I have noticed it on my bills.

“To think it’s going up even more, is quite daunting and something we will have to budget for!”