Saturday, October 1

The prices of electricity, gas and fuel will continue to make a hole in the pockets




Energy costs are going to do a lot steepest the so-called ‘January slope’ for consumers. And not only this month, but the slope will extend, at least, during the first quarter.

Electricity, for example, will remain around 200 euros per MWh on average, as indicated by future prices. Today’s data, Sunday in the middle of the Christmas period, is exceptional and has marked 136.97 euros in the wholesale market. The average price in 2021 was 111.4 euros per MWh, the most expensive in our history, which is 227.6% more than in 2020.

The price of electricity in the wholesale market will continue behind the gas price that, although the MWh is now at 62 euros, the future for February exceeds 95 euros.

Regarding the regulated tariffs or pvpc which have 11 million domestic consumers and SMEs, this weekend they are between 12 and 25 cents of euro per kWh, when last week they registered minimums of 42 cents and maximums of 53 cents per kWh.

One fact that will influence electricity bills to continue to rise is that the Government has decided leave the reduction of charges at 31% (costs of premiums for renewables, the annuity of the tariff deficit, the extra costs of generation in the islands, and others) that it had established at 96% at the end of last September.

While regulated electricity rates are set daily, those of gas (TUR) are reviewed quarterly. After the recent adjustment that came into force yesterday, they register an average rise of 9.5%, which will remain until April 30 and that the Minister for the Ecological Transition, Teresa Ribera, wanted to sneak up on ‘cover’ when published in the BOE on Christmas day.

The TUR 1 rate (consumption up to 5,000 kWh / year, homes without heating) has risen by 8.8%; the TUR 2 (from 5,000 to 15,000 kWh / year, with heating), 9.5%; and TUR 3 (from 15,000 to 50,000 kWh / year, with heating and high consumption), 10.1%.

And it could have been worse since these increases have been limited by the Ministry for the Ecological Transition to avoid reaching scandal percentages due to the sharp rise in international prices for gas, crude oil and freight.

However, the increase percentages that were not applied neither in October nor now, will be added in the next quarterly reviews.

As to the fuels, it does not seem that they will go down in the short term, since oil remains close to $ 80 a barrel, which represents an annual increase of 50%. It should not be forgotten that gasoline became more expensive in our country by 24.5% in 2021 and diesel another 25.7%.

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