Friday, July 1

Electricity closes the most expensive month in its history with a slight respite, dropping 30% this Friday

The average price of electricity in the wholesale market (pool) it will drop 30% this Friday with respect to Thursday, although it will put the finishing touch to the most expensive month in history, with an average bill of about one hundred euros for a standard consumer covered by the regulated tariff.

According to data from the Iberian Electricity Market Operator (OMIE), the price of electricity in the pool will drop 29.8% tomorrow, Friday, to remain at 140,82 euros the megawatt / hour (MWh), compared to the 200.68 that is traded today on average.

Thus will end the most expensive month in history, as well as the year in which the most has been paid for electricity: the record so far was 2008, with an average of 64.48 euros per month, according to the simulator of the National Markets and Competition Commission (CNMC), while this 2020 closes with an average bill of 111.4 euros (for a standard consumer covered by the regulated rate).

By time slots, electricity will be more expensive tomorrow between 7:00 p.m. and 8:00 p.m., when it will reach 193.15 euros / MWh, and cheaper between 5:00 and 6:00, when it will be at 111.1 euros / MWh.

The price of electricity for tomorrow will be almost three times higher than that registered on the same day in 2020 (48.99 euros / MWh), although it is 63.3% lower than the record reached on December 23 (383.67 euros / MWh).

With an average price of 239.17 euros / MWh, December has become the most expensive in history, widely exceeding the average values ​​of November (193.42 euros / MWh) and October (200.06 euros / MWh).

The prices of electricity in the wholesale market have a direct effect on the regulated tariff or PVPC, to which almost 11 million consumers in Spain are welcomed, and serves as a reference for the other 17 million who contract their supply in the free market.

In the case of PVPC, the weight of the price of electricity in the wholesale market in the bill is 24%, The rest corresponding to tolls and charges that defray costs of the energy system and policies, as well as taxes -such as VAT or electricity tax-, reduced by the Government to try to mitigate the impact of the high prices of the pool on the bill of these consumers.

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The price escalation that affects much of Europe is due, among other factors, to the rising gas prices in international markets, which is used in combined cycle plants and which sets the market price in most hours, and the increase in the price of carbon dioxide (CO2) emission rights.

Reference-www.elperiodico.com

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