Just as we reported on a huge price hike on domestic electricity prices, we can now report the opposite has happened.

Today the price of a megawatt hour will be 4.1 euros. Compared with the 95 euros per kwh provoked by the cold snap during the first fortnight of the month, this new price is almost laughable (although very welcome).

Put another way, when the price was at its highest, consumers were paying 18 cents an hour to use a 1KW electric fire whereas today they will be paying a little less than three cents for the same. This is before tariffs, IVA and other charges that push your month electricity bill up: consumption represents about a third of the total bill.

So why has the price fallen so much? Good and constant wind for the wind turbines, mainly. Renewable energy makes up 53% of the total at the moment of which 29% comes from wind turnbines. The most expensive fuel, gas-turbines is only contributing 9% in total.

(News: Spain)