Electricity price today: know the cheapest timeframes

average price electric It will rise again this Friday with the increase in the wholesale market 4.15% compared to yesterday, on the third day of the so-called ‘Iberian exception’ natural gas price for electricity generation approaching the level of 180 € per megawatt hour (MWh).

especially, average electricity price this Friday it will be 177.90 euro/MWhAccording to data from the Iberian Energy Market Operator (OMIE) collected by Europa Press, it is 7.09 euros more than yesterday’s price (170.81 euro/MWh).

The maximum electricity price for this June 17 will be recorded among the following. 11:00 and midnightIt will be between 196.61 euro/MWh and a minimum of 159.81 euro/MWh for the day. 16:00 and 18:00

However, this price should also include the compensation to be paid by the demand for cogeneration power plants and combined cycle power plants.

Calculated on an hourly basis, this fee averaged 88.48 euros/MWh for this Friday compared to 88.2 euros/MWh payable by consumers benefiting from the measure yesterday. regulated rate (PVPC) or those with an indexed rate despite being on the free market.

As such, the price customers of the regulated rate will pay will be 266.38 Euro/MWh, which is on average 2.8% more than the 259 Euro/MWh it rose yesterday.

WITHOUT MECHANISM, THE PRICE WILL BE 300 EUROS/MWH.

In the absence of the mechanism, whose proper implementation is overseen by the National Markets and Competition Commission (CNMC), prices in Spain would rise to around 300 euros, sources from the Ministry of Ecological Transition and Demographic Struggle said. /MWh is about 33 Euro/MWh lower than the price, 11.2% less with compensation for customers of the regulated rate.

Thus, they pointed out, “its effectiveness lowers electricity prices, limits the extraordinary profits of electricity companies, and acts as a ‘firewall’ against high gas prices.”

The electricity market in other European countries this Friday ranges from 303 euro/MWh in France to 255 euro/MWh in Germany or 327 euro/MWh in Italy.

These prices are recorded by the very exceptional participation of gas plants in production, in a context these days marked by the heat wave and high demand. Thus, the Ministry evaluated that “in a situation as unfavorable as the current situation, the mechanism has proven its usefulness in extreme situations”.

In fact, the demand for natural gas for electricity generation has been breaking records since 2008, and the price of gas continues to rise as a result of the reduction in Russia’s supply to the EU. 106.9 euro/MWh, 10% more.

Finally got the green light from Brussels last week, the Iberian mechanism limits the gas price for electricity generation to an average of 48.8 euros per MWh over a twelve-month period, thus covering the coming winter. prices are more expensive.

Specifically, the ‘Iberian exception’ sets a path for natural gas for electricity generation at a price of 40 euros/MWh in the first six months, followed by a five-euro/MWh monthly increase until the end of the measure.

Based on the evidence in effect, the Government, in its calculations, limited the reduction in the average electricity consumer’s bill 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. The report accompanying the executive order and accessed by Europa Press.

For the industrial consumer who is fully exposed to the ‘spot’ price, the Government estimated a decline of between 18% and 20% in the first month of the mechanism, oscillating between 15% and 17% and between 13% and 15%. last.

91% MORE EXPENSIVE THAN ONE YEAR AGO

Compared to a year ago, the average electricity price for this Friday will be 91% more expensive than 93 Euro/MWh on 17 June 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.

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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. It broke a record with 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 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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