The most expensive electricity rate at 319 euros per MWh will be between 21:00 to 22:00, while the cheapest, estimated at 261.73 euros per MWh, from 05:00 to 06:00, according to OMIE. Current electricity prices in Spain are six times higher than last year's average of 50 euros per MWh.
Electricity prices in December are about to exceed last October's rates, previously dubbed the most expensive in the country's history, as natural gas prices soared four times higher than last January and the cost of releasing carbon dioxide (CO2) under the European Union's emissions trading scheme skyrocketed, according to the newspaper El Pais.
At the same time, wind power has become the leading source of Spanish electricity this year as Madrid works on decreasing dependency on fossil flues. Both wind and solar energy have contributed almost 47% of the total compared to less than 30% a decade ago. Renewables are expected to overtake other sources in Spain in just a few years.