Electricity price skyrockets by 43% in two days to record-high €544/MWh on Tuesday
Most expensive time, €700/MWh, from 8 to 9 pm as war in Ukraine makes costs soar
The soaring cost of electricity is proving to be relentless. On Tuesday, wholesale prices will grow by 43% in two days to an average of €544.98/MWh, breaking the previous day's all-time high, according to the Iberian Electricity Market Operator (OMIE).
Electricity will be most expensive from 8 to 9 pm when it will cost a staggering €700/MWh.
This increase is largely attributed to the Russian invasion of Ukraine, which has made it more difficult for energy resources to reach other parts of Europe, as well as the subsequent sanctions imposed by the West.
More soon.