The evolution and current electricity prices in Spain

The evolution and current electricity prices in Spain
The evolution and current electricity prices in Spain

MADRID – It has not escaped anyone’s attention, electricity has become considerably more expensive, with record prices being paid month after month. Partly because of this, life has become more expensive and electricity bills have risen enormously. But how has this evolution been so far in 2022, how does it compare with prices in 2021 and what are the current electricity prices in Spain?

What you have to pay for electricity depends on the kilowatt hour (kWh). This is the unit or measure of electrical energy. To consume 1 kWh, a machine with a constant power of 1 kW (kilowatt) must work for 1 hour. Let’s take a washing machine with an A+ energy label as an example. This consumes around 0.5 kWh during 1 wash program at 40 degrees. With the same amount of energy you can burn a 10-watt LED lamp for 50 hours or boil a liter of water in the kettle 5 times.

These kWh prices vary a lot, depend on the time of day and are determined by the megawatt hour (MWh). That is the amount of power that can be produced in an hour by a generator with a capacity of one megawatt (MW). In Spain, the press mainly talks and writes about MWh and not about kWh, which eventually ends up on the electricity bill.

Since June 1, 2021, there is a new pricing model for electricity in Spain. The Spanish government believes that with this new system, consumers can now decide for themselves when they want to use electricity to save money. The pricing model consists of three rates that are associated with specific times. These are the P1 or Hora Punta (highest price), the P2 or Hora Llana (middle price) and the P3 or Hora Valle (lowest price).

  • P1 or Hora Punta applies between 10am-2pm and 6pm-10pm, every day except weekends.
  • P2 or Hora Llana applies between 8.00-10.00, 14.00-18.00 and 22.00-24.00, every day except weekends.
  • P3 of Hora Valle applies between 00:00 – 24:00 all weekend and public holidays and between 00:00 – 08:00 on weekdays.

Average prices MWh

As written before, people in Spain mainly look at the MWh from which you can conclude that the prices are many times higher than a year ago. In 2022 there will be an uneven evolution in the price of electricity but with clear increases, such as that of March 8 when it reached EUR 544.98/MWh or that of March 9 when it reached EUR 442.55/MWh. The highest price this year was paid in the ‘Hora Punta’ between 7 pm and 8 pm with 700 euros/MWh while the highest price in the ‘Hora Valle’ was 424 euros/MWh.

On this website has been looked at the figures of Red Eléctrica and the prices for MWh per month compared in 2021 and 2022 which we report in the table below. If you want to see for yourself the current kWh and MWh prices in Spain at any time of the day, you can HERE for kWh prices or HERE click for MWh prices.

month 2021 2022
January €70.29 €210.09
February €36.81 €205.70
March €51.99 €294.30
April €71.51 € 203.60
May € 74.00 €195.80
June €87.20 €175.90
July €96.40 €150.10
August € 111.30 € 162.40
September €160.70 * € 237.40
Average prices per month / * prices until September 22

The article is in Dutch

Tags: evolution current electricity prices Spain

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