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Spain’s electricity prices soar amid cold snap

- Minister for consumption says he has requested investigation into energy market ‘irregularities’

home > Electricity, Europe 09.01.2021 09:24

Spain’s electricity prices soar amid cold snap

As temperatures plummeted across Spain, leaving much of the country blanketed with snow on Friday, the price of electricity reached historic highs.

On Friday, the price of electricity per megawatt hour soared to nearly €95 ($116). That’s up 123% from prices last week and nearly three times higher than the 2020 average.

Spain’s Minister for Consumption Alberto Garzon said he has asked the country’s regulatory body to investigate if there were any irregularities in the energy market.

“We are searching for definitive solutions for an energy rate that has regulated and protects especially the most vulnerable families,” said Garzon on Twitter.

According to calculations by Catalan daily La Vanguardia, this surge in prices will translate to an average increase of 27% in the average user’s electricity bill.

Meanwhile on Friday, Spain’s Environment Ministry pointed to several factors that have driven up the costs to heat and power households.

“One of the main factors is the evolution of the natural gas market at a global level, which, after many months of historically low prices, has suffered a price shock over the last weeks,” the ministry said in a statement.

It also explained that the cold and stormy weather in Spain has reduced the contribution of renewable energy to Spain’s energy grid while driving up demand for heating.

To address the situation, Spain has dipped into its subterranean natural gas reserves, which according to the Environment Ministry, is 80% full.

For two consecutive days this week, Spain registered its coldest temperature on record, which now sits at -35.6 degrees Celsius.

Several areas of the country, including Madrid, are under weather alerts for potentially record-breaking snowfall, which is set to accumulate through Saturday.​​​​​​​

By Alyssa McMurtry in Oviedo, Spain

Anadolu Agency

energy@aa.com.tr



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07.06.2022 Electricity , Projects , Europe

Poland tells citizens to gather firewood as energy prices increase

- People wishing to collect firewood are urged to make phone call to obtain permission, says officials
08.06.2022 Finance , Coal , Europe , General

Türkiye's daily power consumption down 11.19% on June 5

- Electricity exports amount to 12,672 megawatt-hours and imports total 17,384 megawatt-hours
06.06.2022 Electricity , Turkey

Spot market electricity prices for Monday, June 6

- Energy Exchange Istanbul (EXIST) data shows electricity market trade amounts to 1.42 billion Turkish liras
05.06.2022 Electricity , Turkey

Türkiye's daily power consumption down 8.9% on June 4

- Electricity exports amount to 11,884 megawatt-hours and imports total 19,842 megawatt-hours
06.06.2022 Electricity , Turkey

Spot market electricity prices for Sunday, June 5

- Energy Exchange Istanbul (EXIST) data shows electricity market trade amounts to 1.07 billion Turkish liras
04.06.2022 Electricity , Turkey

Türkiye's daily power consumption down 0.92% on June 3

- Electricity exports amount to 9,921 megawatt-hours and imports total 18,544 megawatt-hours
04.06.2022 Electricity , Turkey

Spot market natural gas prices for Thursday, June 2

- 1,000 cubic meters of natural gas on spot market costs 12,102.82 Turkish liras
03.06.2022 Electricity , Natural Gas , Turkey

Spot market electricity prices for Saturday, June 4

- Energy Exchange Istanbul (EXIST) data shows electricity market trade amounts to 1.20 billion Turkish liras
03.06.2022 Electricity , Turkey

Türkiye's daily power consumption up 0.14% on June 2

- Electricity exports amount to 9,655 megawatt-hours and imports total 16,576 megawatt-hours
04.06.2022 Electricity , Turkey

Spot market electricity prices for Friday, June 3

- Energy Exchange Istanbul (EXIST) data shows electricity market trade amounts to 1.37 billion Turkish liras
02.06.2022 Electricity , Turkey

Türkiye's daily power consumption down 0.2% on June 1

- Electricity exports amount to 11,721 megawatt-hours and imports total 14,103 megawatt-hours
02.06.2022 Electricity , Turkey

Türkiye's gas imports up 6.6% in March 2022

- Natural gas storage volume declines by 48.6% to around 929 million cubic meters in March
02.06.2022 Electricity , Turkey

Spot market electricity prices for Thursday, June 2

- Energy Exchange Istanbul (EXIST) data shows electricity market trade amounts to 1.53 billion Turkish liras
01.06.2022 Electricity , Turkey

Turkiye's daily power consumption up 2.5% on May 31

- Electricity exports amount to 12,050 megawatt-hours and imports total 14,448 megawatt-hours
01.06.2022 Electricity , Turkey

Court in Japan blocks plan to restart nuclear plant

- Ruling comes after over 1,000 people filed a petition citing safety concerns
31.05.2022 Nuclear , Asia

Spot market electricity prices for Wednesday, June 1

- Energy Exchange Istanbul (EXIST) data shows electricity market trade amounts to 1.46 billion Turkish liras
31.05.2022 Electricity , Turkey

Turkiye's daily power consumption up 14.9% on May 30

- Electricity exports amount to 12,108 megawatt-hours and imports total 14,494 megawatt-hours
31.05.2022 Electricity , Turkey

Turkiye's energy import bill up 135.1% in April

- Country's crude oil imports increase by 17.6% compared to April 2021
01.06.2022 Electricity , Oil , Turkey

Spot market electricity prices for Tuesday, May 31

- Energy Exchange Istanbul (EXIST) data shows electricity market trade amounts to 1.70 billion Turkish liras
30.05.2022 Electricity , Turkey

Turkiye's daily power consumption down 10.4% on May 29

- Electricity exports amount to 13,411 megawatt-hours and imports total 13,711 megawatt-hours
31.05.2022 Electricity , Turkey

Spot market electricity prices for Monday, May 30

- Energy Exchange Istanbul (EXIST) data shows electricity market trade amounts to 1.42 billion Turkish liras
29.05.2022 Electricity , Turkey

Turkiye's daily power consumption down 3.35% on May 28

- Electricity exports amount to 11,724 megawatt-hours and imports total 15,548 megawatt-hours
30.05.2022 Electricity , Turkey

Spot market electricity prices for Sunday, May 29

- Energy Exchange Istanbul (EXIST) data shows electricity market trade amounts to 1.20 billion Turkish liras
28.05.2022 Electricity , Finance

Turkiye's daily power consumption up 0.48% on May 27

- Electricity exports amount to 12,618 megawatt-hours and imports total 15,921 megawatt-hours
29.05.2022 Electricity , Finance , Turkey

US oil rig count down by 2 for week ending May 27

- Number of US oil rigs rises by 215 compared to one year ago
30.05.2022 Electricity , Finance , Americas

Spot market electricity prices for Saturday, May 28

- Energy Exchange Istanbul (EXIST) data shows electricity market trade amounts to 1.31 billion Turkish liras
27.05.2022 Electricity , Finance , Turkey

Turkiye's daily power consumption up 2.32% on May 26

- Electricity exports amount to 12,578 megawatt-hours and imports total 16,708 megawatt-hours
28.05.2022 Electricity , Finance , Turkey

Spot market electricity prices for Friday, May 27

- Energy Exchange Istanbul (EXIST) data shows electricity market trade amounts to 1.34 billion Turkish liras
26.05.2022 Electricity , Turkey

Turkiye's daily power consumption up 0.09% on May 25

- Electricity exports amount to 14,823 megawatt-hours and imports total 17,805 megawatt-hours
26.05.2022 Electricity , Turkey

Turkiye to soon start mass production of locally manufactured generators: Energy min.

- With pilot studies in place, country also aims to produce turbines locally and install automation systems for power plants
26.05.2022 Electricity , Turkey

Spot market electricity prices for Thursday, May 26

- Energy Exchange Istanbul (EXIST) data shows electricity market trade amounts to 1.41 billion Turkish liras
25.05.2022 Electricity , Turkey

Rising energy prices could prompt demand for coal: Int. Energy Agency head

- Coal-related investments could also affect climate targets, warns Fatih Birol
26.05.2022 Oil , Coal , International Organization , World

Turkiye's daily power consumption up 4.3% on May 24

- Electricity exports amount to 13,440 megawatt-hours and imports total 16,347 megawatt-hours
26.05.2022 Electricity , Finance , Renewable

Spot market electricity prices for Wednesday, May 25

- Energy Exchange Istanbul (EXIST) data shows electricity market trade amounts to 1.30 billion Turkish liras
24.05.2022 Electricity , Turkey

ADNOC, bp and Masdar ink deal for clean hydrogen development

- Project is expected to start operations in 2027
25.05.2022 Electricity , Finance , Renewable , Middle East-Africa

Wind and solar power saves Turkiye $7 billion in gas imports in 12 months

- Accelerating wind and solar power to lower electricity bills requires significant expansion in auctions and reserved capacities in Turkiye, Ember says
25.05.2022 Electricity , Finance , Wind , Renewable

Turkiye's daily power consumption up 14.3% on May 23

- Electricity exports amount to 13,811 megawatt-hours and imports total 16,011 megawatt-hours
24.05.2022 Electricity , Finance , Turkey

Electric car sales hit record high of 6.6 million in 2021

- Despite rise, IEA says that more efforts are needed to anticipate supply chain bottlenecks and boost critical mineral production to support sales growth
25.05.2022 Electricity , Asia , Americas

Spot market electricity prices for Tuesday, May 24

- Energy Exchange Istanbul (EXIST) data shows electricity market trade amounts to 1.24 billion Turkish liras
23.05.2022 Electricity , Turkey

Turkiye's daily power consumption down 8.3% on May 22

- Electricity exports amount to 14,213 megawatt-hours and imports total 16,679 megawatt-hours
23.05.2022 Electricity , Turkey

Spot market electricity prices for Monday, May 23

- Energy Exchange Istanbul (EXIST) data shows electricity market trade amounts to 1.22 billion Turkish liras
22.05.2022 Electricity , Turkey

Turkiye's daily power consumption down 4.01% on May 21

- Electricity exports amount to 12,788 megawatt-hours and imports total 18,086 megawatt-hours
23.05.2022 Electricity , Turkey

Spot market electricity prices for Sunday, May 22

- Energy Exchange Istanbul (EXIST) data shows electricity market trade amounts to 840.98 million Turkish liras
21.05.2022 Electricity , Turkey

Turkiye's daily power consumption up 3.6% on May 20

- Electricity exports amount to 10,597 megawatt-hours and imports total 13,564 megawatt-hours
22.05.2022 Electricity , Turkey

Spot market electricity prices for Saturday, May 21

- Energy Exchange Istanbul (EXIST) data shows electricity market trade amounts to 1.21 billion Turkish liras
20.05.2022 Electricity , Turkey , General

Turkiye's daily power consumption down 5.73% on May 19

- Electricity exports amount to 8,906 megawatt-hours and imports total 10,039 megawatt-hours
21.05.2022 Electricity , Turkey , General

World's first hydrogen-producing offshore wind turbine gets GBP 9.3 million funding

- Hydrogen Turbine 1 aims to be the first project in the world to test the full integration of hydrogen production with an offshore wind turbine
20.05.2022 Electricity , Renewable , Energy Projects

Spot market electricity prices for Friday, May 20

- Energy Exchange Istanbul (EXIST) data shows electricity market trade amounts to 997.88 billion Turkish liras
19.05.2022 Electricity , Finance , Renewable

Turkiye's daily power consumption up 0.68% on May 18

- Electricity exports amount to 12,358 megawatt-hours and imports total 15,292 megawatt-hours
19.05.2022 Electricity , Finance
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