In the space of just 10 days, the wholesale price of electricity in Spain has risen from 112 euros/MWh to 223 euros/MWh.
Since 6 January, the cost of electricity has not fallen below 200 euros/MWh, except for Sunday 9 January when it cost 120 euros due to lower demand for electricity at weekends.
Compared to last year, the price of electricity on the wholesale market is 170.6 per cent more expensive than the price on 11 January 2021 when it cost just 82.45 euros/MWh even though Spain was in the grips of storm Filomena.
On 11 January this year electricity was most expensive in the morning between 9am and 10am at 262.66 euros/MWh, while the minimum of 193 euros/MWh was available only to early birds between 4am and 5am.
The steep increase in recent months has been attributed to rising gas prices across Europe and geopolitical tensions.
In 2021 the average monthly price of wholesale electricity was 111.93 euros/MWh making it the most expensive year yet.
The Government has extended until 30 April the reduction of taxes included in electricity bills paid by all consumers in order to offset the negative impact of increasing costs on consumers.