World News | Spanish Utility Expects Record Electricity Price on Wednesday
Get latest articles and stories on World at LatestLY. Electricity prices in Spain will break the record of 360.02 Euros ($405) per megawatt-hour on December 22, the Spanish electricity market operator OMIE said on Tuesday.
Madrid [Spain], December 21 (ANI/ Sputnik): Electricity prices in Spain will break the record of 360.02 Euros ($405) per megawatt-hour on December 22, the Spanish electricity market operator OMIE said on Tuesday.
The price will reach its highest of 380 Euros from 7 p.m. to 8 p.m. local time (18:00-19:00 GMT) and its lowest of 331.4 Euros from 11:00 p.m. to 00:00 a.m. (22:00-23:00 GMT).
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Electricity prices in Spain have increased eight-fold over the past year, instigating public discontent and hampering Spain's efforts to bring back pre-pandemic economic growth. In early November, thousands of protesters poured onto the streets of Barcelona, demanding an end to "the electricity scam." Meanwhile, the EU forecast a slower pace of economic recovery in Spain compared to its European neighbors.
A dramatic increase in electricity prices is claimed to be caused by high costs of natural gas, high tariffs for CO2 emissions, and the absence of strong winds to produce wind energy. Last Wednesday, the Spanish government decided to extend a tax cut on electricity bills, introduced in June, until May 1, 2022, in an effort to help consumers cope with the increase in energy prices. (ANI/Sputnik)
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