The Ministry of Energy responded to reports that wholesale electricity prices reached a record high in December, urging observers not to sensationalize the moment. The ministry stressed that focusing on short-term price movements misses the broader picture of how power is produced and supplied. According to a spokesperson on a Ministry of Energy channel, the information circulating in the media about price spikes in the European part of Russia and the Urals is being interpreted without full context. Independent sources noted that since the start of December, wholesale prices rose by about 12% compared with 2021, with a peak around 1.8 thousand rubles per megawatt-hour reported at one point in time.
The ministry clarified that it is misleading to fix attention on price changes in isolation. The dynamics of electricity prices reflect the fundamental balance between generation and demand, as well as the way prices are set. Prices are determined the day before actual delivery and bid competitiveness remains the primary criterion for selecting offers. The ministry emphasized that the peaks observed were localized and temporary, and by December 25, prices had returned to typical levels for the period. In its view, there is no basis for sensational conclusions.
Additionally, the Ministry of Energy noted that electric tariffs for consumers are established by the state and are not directly linked to wholesale market fluctuations. Tariff adjustments for households are aligned with forecasts of Russia’s social and economic development, ensuring predictability for families and businesses alike.
The ministry also pointed out that the cumulative level of wholesale electricity prices remains well below the rate of inflation, underscoring the broader affordability context for consumers and the stability of the pricing framework over time, even amid short-term volatility observed in the wholesale market.