The price of electricity in Spain will break its record by reaching 483 dollars per megawatt

The price of electricity in Spain will beat its historical record this Monday, March 7, reaching 442.54 euros (483.57 dollars) per megawatt-hour (MWh), according to the latest updated data on the Operator’s website of the Iberian Electricity Market (OMIE).

According to information from the OMIE, the maximum price will be registered between 7:00 p.m. and 8:00 p.m. (local time), at which time the MWh will cost 500 euros (546 dollars), while the minimum will be 379.02 euros. /MWh ($414.16) between 11:00 p.m. and 12:00 a.m.

According to local media, this represents a rise of more than 17% compared to the value set for this Sunday. Likewise, it will be the highest price for this service in the history of Spain since records began.

After this new rise, the price of electricity in Spain accumulates an increase of 115% in the last ten days. In fact, the amount recorded just a year ago has been multiplied by ten, when the megawatt-hour cost 47.05 euros.

The current situation in Ukraine could make energy prices, especially gas, even more expensive in Europe in the coming weeks, reports the NIUS newspaper. This is due to the risk that Russian imports to the Old Continent will be interrupted, within the framework of new sanctions imposed by Brussels against Moscow.

From the Government of Spain they have extended the tax reduction on the taxes levied on the electricity bill until June 30 to cushion the impact that the rise in the price of electricity is having on consumers.

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