Spain’s electricity prices nosedive 68% after blackout drama!
Credit: SeluGallego, Shutterstock
Spain’s wallets are getting a rare breather today, April 29, after the Big Blackout sent electricity prices crashing — with nine hours of FREE power up for grabs!
According to the Operador del Mercado Ibérico de la Energía (OMIE), the average cost of electricity for Tuesday, April 29, will fall to just 5.79 euros per megawatt-hour — a stunning 68.7% drop compared to Monday’s rate.
Zero volts, zero costs!
From 10 AM to 7 PM, the cost of plugging in your appliances will fall to zero or even below. In fact, for several hours around midday, the price dips into negative territory, meaning (in theory at least) power companies would owe you.
Here’s the power play:
- 10 AM–7 PM: Electricity either costs nothing or goes negative.
- 12 PM–4 PM: Sweet spot — the lowest prices at -1.90 euros per megawatt-hour.
- 9 PM–10 PM: Danger zone — the price spikes to 35.01 euros per megawatt-hour.
Compared to Monday’s prices, that’s a saving of about 12.71 euros on the day.
Hold your horses, it’s not truly free…
While it sounds like the perfect excuse to blast the air-con and run a five-hour Netflix marathon, don’t get too carried away.
Fixed charges — like network fees, system costs, and taxes — still apply, so your electricity bill won’t vanish into thin air.
And speaking of taxes, here comes another kick: electricity VAT will jump back up to 21% for most households. The Spanish government had cut VAT to 10% during the energy crisis, but now that wholesale prices are dipping under 45 euros/MWh, the standard rate returns — except for low-income households under the social tariff, who will keep their discount.
What’s next for power prices?
Don’t get too comfy: experts are warning the energy market could still lurch unpredictably.
Even though 2024 ended with a 28% price drop compared to 2023, a surge in November and December (over 100 euros/MWh) shows volatility is never far away.
For today, though, it’s simple:
Charge your phone, wash your socks, and iron your pants — before the prices rocket back up tonight!
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