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The price of electricity in Spain keeps climbing with records being smashed almost daily

The wholesale price is more than triple what it was the same time last year.
The wholesale price is more than triple what it was the same time last year. / A. GOMEZ
  • Last week's highest-ever wholesale price was beaten this Monday, and on Tuesday it will jump another six euros to reach 130.53 euros / MWh

Record after record is being smashed as the price of electricity in Spain continues to climb to historic new levels.

This Monday, 30 August, the price of electricity on the regulated market broke all records, when it hit 124.45 euros per megawatt hour (MWh), which was two euros more than the last week's previous high.

But the hike in prices has not yet reached a ceiling and on Tuesday it will climb almost six euros more to reach an average of 130.53 euros / MWh - the highest price ever in history, according to data from the Iberian Energy Market Operator (OMIE).

August will see the month close with a skyrocketing energy that triples last summer's wholesale price average of 35 euros MWh.

The maximum price on Tuesday (31 August) will be reached from 9pm to 10pm at night, when it will register no less than 137.46 euros / MWh, while the minimum will be from 4pm to 5pm in the afternoon, with 123.35 euros.

Experts say the prices have been pushed up by a rise in energy demand during a very hot summer and also a decrease in wind-generated power - due to the lack of wind – on top of price increases for gas and CO2 emissions.