The average price of the Electricity in the wholesale market will skyrocket this Wednesday by 73.5% compared to this Tuesday and it will once again exceed the level of 180 euros per megawatt hour (MWh).
Specifically, the ‘pool’ will mark for this Tuesday an average of 181.09 euros / MWh, compared to 104.36 euros / MWh this Tuesday, Thus leaving behind the truce of recent days, mainly motivated by the greater contribution of wind power, which led to a chain of four days of decreases and to fall, last Monday, to 96.08 euros / MWh, its lowest level since early November, according to provisional data published by the Iberian Energy Market Operator (OMIE).
Despite this rise, the price for this Wednesday remains far from the historical highs of last week, when it reached 383.67 euros / MWh.
In any case, the cost of electricity in the wholesale market continues to skyrocket when compared with the records of the same day of the previous year, when the price stood at 38.66 euros / MWh. The increase of this Wednesday compared to December 29, 2020 is 368%, that is, almost five times more.
By time slots, the maximum price of light for this Wednesday it will take place between 9:00 p.m. and 10:00 p.m., with 255 euros / MWh, while the minimum, of 90.82 euros / MWh, will be recorded between 4:00 and 5:00.
The pool prices have a direct effect on the regulated rate -the so-called PVPC-, at which almost 11 million consumers are welcomed in the country, and it serves as a reference for the other 17 million that have contracted their supply in the free market.
The increase in the price of the electricity market in recent months is mainly explained by high gas prices in the markets and carbon dioxide (CO2) emission rights, at all-time highs this year.
December exceeds 243 euros / MWh
December began as a month marked by great volatility, with falls in the average of some days to around 100 euros / MWh and with certain rises that widely exceeded the level of 200 and 300 euros / MWh.
Despite the drops at the end of last week, the rise in electricity prices has run wild and the average monthly price is 243.8 euros, that is, more than 43 euros than last October, the month with the most expensive average to date with 200 euros / MWh.
Extension of tax rebates
The Government has extended until April 30 the reduction of the taxes included in the electricity bill paid by all consumers in order to alleviate the negative effect that the rise in the price of electricity is causing the citizens.
Specifically, sThe reductions from 21% to 10% VAT and special electricity tax from 5.11% to 0.5% have been extended until April 30, legal minimum. However, the suspension of the 7% generation tax paid by companies will only be maintained, for now, until March 31.