PROPERTY SEARCH
Electricity prices drop in Spain, but still a long way from the early-May freebies
This Wednesday May 14, it will cost around €30/MWh to power your appliances across Spain
Electricity prices in Spain are down again this Wednesday May 14, offering some relief to households keeping a close eye on their energy bills. According to the Iberian Energy Market Operator (OMIE), the average price will sit at €30.55/MWh, a big dip compared to the day before.
It's a welcome drop, but not quite the jaw-dropping rates seen earlier this month when, for several hours on May 2, electricity was completely free. At times, the price even turned negative, meaning your appliances were, at least in theory, making you money just by running.
Even with the price plunge, this Wednesday’s rate is still significantly higher than last week. On May 7, the average price was just €10.24. Compared to the same day last year, the difference is even more striking. On May 14, 2024, electricity cost just €8.14 per megawatt hour.
But naturally, the most important thing to know is the best time to switch on those appliances. The cheapest hours fall during the early afternoon, when prices briefly dip below zero again. The most expensive time slots hit during the morning rush and in the evening, with peaks just over €90 at certain points.
Some appliances, of course, use more power than others. The fridge is the biggest energy consumer overall simply because it runs non-stop. It accounts for around 20% of the average electricity bill.
The washing machine and dishwasher follow close behind, responsible for about 10% and 8% respectively, depending on how often they’re used and which settings are chosen. Long programs, hot water and high spin cycles all increase electricity consumption.
It's also worth remembering that your electricity bill includes more than just the market price. Fixed costs like charges and system adjustments are part of the total as well. And since the introduction of the new PVPC pricing system in 2024, Spain has been using a mix of short-term and long-term market references to set prices.
The idea is to smooth out extreme fluctuations while still encouraging energy efficiency. By 2026, longer-term prices will account for 55% of the final electric bill.
With energy prices still shifting daily and sometimes hourly, it makes sense to look into a better deal. Spanish Energy offers a free bill comparison service that is already helping households around the country save money.
To see how much you could save, contact them on WhatsApp at +34 644 462 145 or visit www.spanishenergy.es.
Image: Pexels
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