The price of electricity in Spain reached the highest in its history on Monday at €442.5 per megawatt-hour, spurred by fears of reduced supplies as Russian attacks on Ukraine intensify.
This new record represents a 15.34% jump from the previous high record set on Dec. 23 last year at €383.67 per megawatt-hour.
Electricity prices are forecast to surge to €500 per megawatt-hour between 1900 and 2000 GMT on Monday, according to data from Omie, the electricity operator of the Iberian market.
The lowest price is due to be set at €379.02 per megawatt-hour between 2300 and 0000 GMT. Since the war started on Feb. 24, prices have soared 115%.
Omie calculates that the average electricity prices in March will stand at €340.43, more than a three-fold rise compared to the same month last year when it traded at €111.4 per megawatt-hour.
Spanish First Vice-President and Minister for the Economy and Digital Transformation, Nadia Calvino, said in a recent interview with Spain’s public broadcaster RTVE that the government is taking measures to mitigate the impacts of rising electricity prices on household bills.
Calvino confirmed that a measure, currently supported by Spain and being positively debated with other EU member states, is the decoupling of natural gas and oil costs from electricity prices.
Reporting by Senhan Bolelli in Madrid
Writing by Ebru Sengul Cevrioglu
Anadolu Agency
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