New shocking electricity price hike

 In Energy, News, Utilities

Wholesale electricity prices soared again on Sunday, 9% higher than last week bringing overall prices to the highest ever on the Iberian peninsula this month.

The continued and sustained increases in power prices could have a potentially catastrophic effect on already hammered Portuguese businesses, manufacturing industries and households bills if they continue beyond the end of this year.
Traditionally Sundays are when economic demand is at its lowest and demand for power is also reduced.
The price high point is expected to be between 9pm and 10pm when it is expected to hit €199/MWh while the lowest will be between 4-5am when wholesale electricity will be sold for €134.1 according to the Spanish press.
Despite the record, the price of electricity on Sunday will still be 15% below the historic maximum if €188/MWh seen on 15 September.
The high prices in electricity are a result, in part, of the sharp costs internationally of natural gas, exacerbated by energy dependant Russia which is keeping supply tight to drive up prices.
Moreover, the Energy Services Regulator Entity (ERSE) announced recently that from 1 October the tariff price for energy in the regulated market would increase €5 per MWh.