Electricity price today: know the cheapest timeframes

The average electricity price in the wholesale market will increase by 2.53% this Wednesday compared to today’s price. €184.57 Megawatt-hours (MWh) will remain below 200 Euro/MWh for the fifth consecutive day, according to data published by the Iberian Energy Market Operator (OMIE) and collected by Europa Press.

Maximum electricity price for this Wednesday 07.00 and 08.00 hourswith 227.98 €/MWhwhile the minimum for the day, €155/MWhwill be recorded between 16:00 and 17:00

Compared to a year ago, the average electricity price for this Wednesday will be 140.83% more expensive than 61.09 Euro/MWh on 25 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, in the framework of the energy upside spiral.

GAS COVER: 15% DISCOUNT FOR THE AVERAGE CONSUMER

On 14 May, the Official State Gazette (BOE) published the Royal Decree setting the mechanism for limiting the gas price for electricity generation to an average of 48.8 megawatts/hour (MWh) for a twelve-month period. It covers the next winter when energy prices are more expensive.

However, although the mechanism has been issued as a Royal Decree, it still awaits an official decision from Brussels and will be initialed by the minister’s order for its implementation.

In its calculations, the government limits the discount to the average electricity consumer covered by the PVPC-regulated rate to 15.3% during the 12-month period after the application of the approved cap for electricity generation from natural gas. Decree-law accessed by Europa Press.

For the industrial consumer who is fully exposed to the spot price, the Government estimates between 18% and 20% reduction in bill emitted in the first month of the mechanism between 15% and 17% and between 13% and 15% in 2018. latter.

The measure will thus help contain rising prices and inflation and, above all, act as a firewall against gas price volatility resulting from the war in Ukraine, while also facilitating regulated tariff reform. PVPC- – containing futures market price references.

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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. It broke a record with 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 283.30 euros/MWh, 239 euros/MWh, which was the most expensive month in history up to that time, and 283.30 euros/MWh, 55 euros above the December 2021 average.

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 lead to an even higher rise in energy prices 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 from the historical dramaDue 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

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