Electricity price today: these are the cheapest time periods

The average electricity price in the wholesale market will increase by 2.1% this Tuesday compared to this Monday’s price, once again approaching the level of 2.00 Euros per megawatt/hour (MWh).

In particular, the average price of the ‘pool’ for this Tuesday will be 199.36 euros/MWh, compared to 195.23 euros yesterday, according to data published by the Iberian Energy Market Operator (OMIE) and collected by Europe Press.

Maximum electricity price for this Tuesday 10:00 and 23:00It will be recorded between 265.88 euro/MWh and a minimum of 160.99 euro/MWh for the day. 15.00 and 16.00

Compared to a year ago, the average electricity price for this Tuesday is 159.5 percent more expensive than 76.82 euros/MWh on 17 May 2021.

‘Pool’ prices have a direct impact on the regulated rate — the so-called PVPC — at which approximately 11 million households are covered in the country and serve as a benchmark for the other 17 million contracted. their supply in the free market.

In fact, the National Markets and Competition Commission (CNMC) confirmed that in 2021, around 1.25 million people switched from PVPC to a free market rate at a fixed price, within the framework of the energy’s upward spiral.

GAS STOP

The Official State Gazette (BOE) published the Royal Decree this Saturday laying down the mechanism to limit the gas price for electricity generation to an average of 48.8 euros per megawatt/hour (MWh) over a twelve-month period. next winter is a time when energy prices are more expensive.

After its approval in the Cabinet on Friday, Teresa Ribera, Third Vice-President of the Government and Minister for Ecological Transition, pointed out that when the measure goes into effect this Saturday and the European Commission formally accepts support, it comes at the expense of the European Commission. For the standard, which could be delayed for “about two weeks” – it would mean an immediate improvement for 37% of domestic consumers and 70% for industrial consumers.

In this regard, sources from the Ministry of Ecological Transition stated that although the mechanism is published as a Royal Decree, it will remain until an official decision from Brussels and be initialed by the minister’s order for its implementation.

The third vice president has predicted that, thanks to this measure, the price of the ‘pool’ will decrease by about 38% at its average price of 210 euros per megawatt hour (MWh) marked in the first quarter of this year. MWh. In this way, the only electricity that consumers will pay at the expense of gas will be electricity produced in gas power plants.

Thus, the measure will help contain rising prices and inflation and, above all, act as a firewall against the fluctuation in gas prices caused by the war in Ukraine, while also facilitating regulated tariff reform – namely – the so-called PVPC – futures market. containing price references.

Ribera assured that once the measure takes effect, consumers in the regulated market will notice this reduction in the price of electricity “immediately”, while for other consumers in the free market it will be something “progressive” and will see when it benefits. they are renewed or changed as their “annual revisions will have reference at lower prices”.

electricity price calculator

Click on any device in our calculator and it will show you the price per kWh.

STABILITY SINCE STABILITY

On February 24, when the Russian invasion of Ukraine began, the wholesale market price was 205.6 euro/MWh, and since then there has been a daily rise in price, reaching its peak on March 8, when the price was at an absolute level. A record 544.98 euro/MWh.

However, since 12 March, the wholesale price has been hovering around 250 euro/Mwh, but continued to decline in the last five days and fell below 230 euros.

MARCH THE MOST EXPENSIVE MONTH IN HISTORY

On February 24, when the Russian invasion of Ukraine began, the wholesale market price was 205.6 euro/MWh, and since then there has been a daily rise in price, reaching its peak on March 8, when the price was at an absolute level. A record 544.98 euro/MWh.

In this context, the average price of the wholesale market in March was around 283.30 Euro/MWh, and with 239 Euro/MWh until then, it was 55 Euro above the average of December 2021, the most expensive month in history.

Wholesalers have direct influence on the regulated tariff, or PVPC, which covers approximately 11 million consumers in Spain, and acts as a reference for the other 17 million contracting their supplies in the open market.

The military conflict between Ukraine and Russia could push energy prices higher in the coming weeks, especially when it comes to gas, as Russia’s imports to Europe risk slowing due to European Union sanctions.

In order to soften the impact of the increase in electricity prices on consumers, the Government extended the tax cut on taxes on electricity bills until 30 June.

The rise in prices affecting a large part of Europe is due, among other factors, to the higher cost in international markets and the rise in value of the gas used in combined cycle power plants, which determines the market price in most hours. carbon dioxide (CO2) emission rights.

To soften the impact of the rise in electricity prices on consumers, the Government extended the tax cut on taxes on electricity bills for the first four months.

The rise in prices affecting a large part of Europe is due, among other factors, to the higher cost in international markets and the rise in value of the gas used in combined cycle power plants, which determines the market price in most hours. carbon dioxide (CO2) emission rights.

The military conflict between the two former Soviet countries could push energy prices higher in the coming weeks, especially when it comes to gas, as Russia’s imports to Europe risk being slowed by Russia’s sanctions. European Union.

2021 became the most expensive year of electricity

The light closed 2021 with: most expensive year historical seriesDue to the upward spiral recorded in the ‘pool’ in the second half, it was realized at an average price of 111.93 Euro/MWh.

This electricity price The average price of the daily market last January was 201.72 euros/MWh, 235.3 percent higher than the average price of the same month last year and 15.7% lower than in December 2021.

The government extended the reduction of taxes included in the tariff until April 30. electricity bill all consumers to pay to mitigate the negative impact of rising electricity prices on citizens.

In particular, the reduction of VAT from 21% to 10% and special electricity tax from the legal minimum of 5.11 to 0.5% has been extended until 30 April. However, the suspension of the 7% production tax paid by companies will only last until March 31st for now.

Source: Informacion

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Popular

More from author