Price of electricity soars to a record high in Spain today

The cost of electricity in Spain today, Monday 7 March, is higher than it has ever been before, with the average price in the wholesale market being 442.54 euros/MWh, says the Iberian Energy Market Operator (OMIE).

Not only is this a record price, but it is 58.87 euros more than the previous record of 383.67 euros/MWh on 23 December last year. The most expensive time of day today will be from 7pm to 8pm, at 500 euros/MWh, and the cheapest (379.02 euros/MWh) between 11pm and midnight.

2021 was the most expensive year ever for electricity prices, with an average of 111.93 euros/MWh, but consumers are now facing bills for February which will be around 111.5 per cent higher than in the same month last year.