Electricity prices hit all-time high of more than €442 per MWh

The price of electricity in Spain has, once again, hit an all-time high. On Monday, residents will pay over €440 per MWh – an average of €422.54 per MWh – according to the Operator of the Iberian Electricity Market (OMIE).

An increase of 16.76% from Sunday's price at €379.03. The new price sets a new record after the previous one €383.67 per MWh was reached on December 23, 2021. 

The most expensive time frame of the day will be from 7 to 9 am and between 7 pm and 8 pm, at those times, the price will be €500 per MWh. 

The cheapest period will go from 11 pm to midnight at a cost of €379.02 per MWh. 

The new price is nine times higher compared to the one set on March 7, 2021. On that day, Catalans paid an average of €47.05 per MWh, 840% less than on Monday.

These prices affect the 10 million households with contracts in the regulated electricity market known as the PVPC. People whose contracts are in the so-called free market, an estimated 17 million households, pay a fixed amount every month regardless of daily wholesale price fluctuations. 

The reason behind the price increase is the war between Ukraine and Russia, making it more difficult for energy resources to reach Europe. Sanctions from western countries to Russia are also a key player in the price soar.

Mitigating measures

From June 1, there are three PVPC electricity rates that vary according to when power is consumed:

The highest rate is Monday to Friday from 10 am to 2 pm, and from 6 pm to 10 pm.

The middle rate is Monday to Friday from 8 am to 10 am, from 2 pm to 6 pm, and from 10 pm to midnight.

The cheapest rate is throughout the day on Saturday, Sunday, and bank holidays, and up until 8 am Monday to Friday.