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The price of electricity will increase to €500 per hour in Portugal. never happened

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The wholesale price of electricity in Portugal will reach a record high from next Monday, reaching the level of 500 euros per megawatt per hour. Spain is also likely to record all-time highs.

In daily terms, the average price will be around 442 euros MW/h, an increase of 17% compared to the average price recorded today, Sunday, according to the electricity operator in the Iberian market – Omie. A year ago, the average price was 47 euros per MW/h. Since the beginning of the conflict in Eastern Europe, prices have risen, with an increase of 115%.

The maximum value recorded so far was recorded on December 23, with an average price set at 283 euros MW/h.

According to industry sources, the rise is exacerbated by the Russian invasion of Ukraine, pushing energy costs to unprecedented levels.

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