Electricity price in Spain skyrockets by 43% in two days to record-high €544/MWh

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 military operation in 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.

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