Electricity prices to almost double previous record highs on Tuesday

Text Mark Taylor
Photo Johannes Plenio / Unsplash

It almost seems like every other day at the moment that a new record high electricity price is being reached. Monday 6 December is no different, with an all-time record high price of €263.96 per MWh of electricity.

However, tomorrow will make this price seem cheap, with the Nord Pool energy market predicting that the average price will be €469 per MWh. Between 7-8 am and 2-3 pm, the prices will be at their highest -close to €1000 per MWh.

To put these prices into perspective, the average household uses 1 MWh every month. When you add that the average price in November 2020 was €40.99 per MWh and that the record price for electricity before 2021 was €124.77 per MWh (set in 2014). You begin to realise the scale and magnitude of these price rises and the effect that these will have on energy bills, even with the subsidies introduced by the government last month.

Source: ERR

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