Update about energy prices in Spain

Updated: Thursday 10th March 2022

As you may have heard in the news, or seen through OMIE (the market regulator for pricing of energy in Spain), due to current global situations, the market price for energy has increased considerably over the last short period of time.

The prices released by OMIE today ahead of 11th March 2022, set the wholesale OMIE price of electricity at an average of €284,58/MWh with a maximum of €403,97/MWh – a decrease from the all time historical high for the Spanish wholesale electricity market this Monday which was set at a maximum of €700/MWh.

The below image displays the OMIE market price for energy in Spain for 11/03/2022.

The continued decrease in wholesale price since Tuesday is good news, however during this time, we are still advising all consumers to aim to keep high energy consumption down as much as possible during peak hours and spend time monitoring and optimizing overall energy use to the cheapest time windows possible during the next couple of days. We will continue to keep you informed with any updates.

The European Union are set to intervene this week in order to lower energy costs and give the European economy a break, before it enters into an energy collapse or an unprecedented recession, as regardless of energy supplier, the high prices are simply unaffordable for all electricity consumers.

Please read on below for more information about the current energy crisis, updates from this week and the best ways to monitor your consumption to keep bills at a minimum.

If you have any questions regarding current situations, as always, please send us an email us at [email protected] or call our office on +34 916 358 626 from 10am – 4pm Monday – Friday.

Updated: Monday 7th March 2022

As you may have heard in the news, or seen through OMIE (the market regulator for pricing of energy in Spain), due to current global situations, the market price for energy has increased considerably over the last short period of time.

Due to current global situations, the prices released by OMIE today ahead of 8th March 2022, set the price of electricity at an average price of €544.98/MWh with a maximum of €700/MWh – an all time historical high for the Spanish wholesale electricity market, pulverizing the record this Monday which was set at €442/MWh.

The below image displays the OMIE market price for energy in Spain for 08/03/2022.

To put the extreme increase in price into context, this time last year, on the 7th March 2021, the average OMIE wholesale price for energy in Spain was €40/MWh. As displayed on the below image:

Of course, this situation is unsustainable for all of Europe, forcing the European Union to intervene and plan a meeting this week to discuss how to decouple the price of gas and electricity in order to try to lower energy costs and give the European economy a break , before it enters into an energy collapse or an unprecedented recession.

Regardless of energy supplier, these prices are simply unaffordable for all electricity consumers, from domestic to small businesses and large industries.

During this time, we highly recommend all consumers to aim to keep high energy consumption down as much as possible during peak hours and spend time monitoring and optimizing overall energy use to the cheapest time windows possible during the next couple of days. We will continue to keep you informed with any updates.

Please read on below for more information about the current energy crisis and the best ways to monitor your consumption to keep bills at a minimum.

If you have any questions regarding current situations, please send us an email us at [email protected] or call our office on +34 916 358 626 from 10am – 4pm Monday – Friday.

Monday 3rd March 2022

As you may have heard in the news, or seen through OMIE (the market regulator for pricing of energy in Spain), due to current global situations, the market price for energy has increased considerably over the last 48 hours.

Prices increased by over 500% over the last 12 months in Spain, with OMIE hitting an all time high price of over 400€/mWh back in December 2021, which has affected almost every energy consumer in the country economically, regardless of energy suppler or tariff. Thankfully, the market price of energy has stabilised thus far into 2022, however we are starting to see an increase again now in the last couple of days.

We know this can be a worrying time for many people so we want to keep you informed about any changes or updates in the industry that can potentially have a direct effect on you as a consumer. Our focus here at Energy Nordic is providing a transparent service where customer satisfaction is most important.

With that in mind, it is recommended to be cautious with consumption over the next period of time and to try and utilise the (VALLE / P3) cheapest time periods as much as possible for high consumption appliances.

The below image displays the fluctuation of the OMIE market price for energy in Spain from 04/03/2021 – 04/03/2022.

electricity in spain

These are the hours set by the government on June 1, 2021 for electricity time periods for the 2.0TD tariff (any energy supply with less than 15kW contracted power):

  • P3 – Off-Peak Hours (VALLE): these are the cheapest hours and range from 12:00 a.m. and 8:00 a.m. Monday – Friday, as well as 24 hours on Saturdays, Sundays and national holidays.
  • P2 – Mid-Peak Hours (LLANO): these are moderately priced hours and range from 8:00 a.m. to 10:00 a.m., from 2:00 p.m. to 6:00 p.m. and from 10.00 p.m. to 12.00 a.m Monday – Friday.
  • P1 – Peak-Hours (PUNTA): these are the most expensive hours and the best time to be conscious about consumption. They run from 10:00 a.m. to 2:00 p.m. and from to 6:00 p.m. to 10:00 p.m Monday to Friday.

Click here to read more about the changes that came into place on June 1st 2021.

We developed a tool called – What the Tariff – this enables our customers, or anyone for that matter, to see in real time, which tariff we are currently on and which tariff is coming next, in order to work out best times to use those high consumption appliances:
What The Tariff.

Here is a link to some printable versions of the timetables if you wish to print and stick on your fridge (We find them very useful!):
Printable energy period timetables.

On OMIE’s website you are able to see the increase of the energy market price over the past year. OMIE is where electricity supply companies in Spain purchase electricity. If you wish to follow the OMIE market price of energy in Spain yourself – you can click here to check OMIE’s market price day by day, hour by hour.

In view of keeping bills down during the current global energy crisis, there are of course, modifications you, as a consumer, can make to ensure your bills are as low as possible. Implementing conscious consumption during those cheaper P3 hours, will make a big difference to the prices of our bills.

Lastly, here is a link so you can directly register with your distributor online and monitor your consumption daily throughout the month, which can help in view of keeping usage as optimised as possible. You can see the name of your distributor on the bottom of the last page of your Energy Nordic bill:

Click here to register with e-distribucion

Click here to register with i-DE

Once registered with your distributor, as above, you will be able to monitor your consumption live and access historical data, day by day, hour by hour. If you have solar installed, you will also see the breakdown of your own production, consumed and sold back to the grid.

We stand by ‘The power of simplicity‘ always, so if you have any questions, please leave a comment below or give us a call and speak to one of our friendly energy experts in your language.

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