The average electricity bill in Spain went up by 7% in October compared to September, the highest rise since January when bills went up almost 10%.
Specifically, average bills for homes reached €71.49 in October. The average is calculated by taking a power supply of 4.4kW and annual consumption of 3,900 kilowatt hours, the norm in a household with two children.
October saw the return of tension in the wholesale electricity market, known as the ‘pool’, responsible for 35% of the amount paid by consumers. 40% corresponds to costs of accessing the supply and the remaining 25% to VAT and taxes on electricity.
Electricity costs rose in the first half of the month because of high pressure weather fronts over Spain that meant more gas and coal-fired electricity was needed. On the 23 October, electricity reached its highest price this year between 7pm and 8pm when it cost €182.54 per MWh. Compared to last year, electricity bills cost almost 3.14% more.
Average Spanish household spends €76 more on electricity so far this year
Over the first nine months this year, the average electricity bill has reached €682.89, 12.6% more than the same period last year, the equivalent of €76. Electricity costs continue to climb despite small decreases in July and August.