Sunday, October 2

The price of electricity rises 10% this Monday to 150.5 euros per megawatt hour

The average price of electricity in the wholesale market this will rise again Monday, January 3, specifically 9.88% compared to the price of this Sunday, so that it will reach 150.50 euros per megawatt / hour, according to data published by the Iberian Energy Market Operator (OMIE) collected by Europa Press. By time slots, the minimum price of light For this January 3, it will be between 11:00 and 24:00, with 100.36 euros / MWh, while the maximum, of 189.26 euros / MWh, will be recorded between 8:00 and 9:00.

The prices of the ‘pool’ have a direct effect on the regulated tariff –the so-called PVPC–, to which almost 11 million consumers in the country are welcomed, and serves as a reference for the other 17 million who have contracted their supply in the free market. The rise in prices in the electricity market in recent months is mainly explained by high gas prices in the markets and carbon dioxide (CO2) emission rights, at record highs this year.

Thus, compared to the same day just a year ago, the rise experienced this Monday is 221%, since on January 3, 2021 the price of electricity stood at 46.93 euros / MWh. The month of December began marked by great volatility, with falls in the average of some days to around 100 euros / MWh and with certain rises that far exceeded the level of 200 and 300 euros / MWh.

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Volatility has been maintained in the last week, with which the rise in electricity prices has runaway and the average monthly price for December has stood at 239.1 euros, that is, more than 39 euros than last October, the month with the most expensive average to date with 200 euros / MWh.

The Government has extended until April 30 the reduction of 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 on citizens. Specifically, the reductions from 21% to 10% of VAT and the special electricity tax from 5.11% to 0.5%, the legal minimum, have been extended until April 30. However, the suspension of the 7% generation tax paid by companies will only be maintained, for now, until March 31.

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