Electricity bills soar by more than 20% in August due to the escalating price of electricity

The electricity bill for an average household on a regulated tariff has risen by more than 20% in August compared to the same period last year. In the first 21 days of the month, the average cost reached 61.33 euros, representing an increase of 11 euros over the previous year's figures. This surge is driven by a wholesale market price that has climbed to an average exceeding 124 euros per megawatt-hour.

The rise in costs is attributed to a combination of increased energy demand resulting from recent heat waves and the rising price of natural gas. These factors have collectively pushed electricity prices upward, impacting the monthly expenses for consumers under regulated pricing structures.