HE State delays commissioning by one year. new regulated electricity tariffless connected market price fluctuations. The new rate of Voluntary Price for Small Consumer (PVPC), which should be implemented at the beginning of this year, It will come into effect from 2024According to ‘Cinco Días’ and approved by the Ministry of Ecological Transition.
In December, the National Markets and Competition Commission (CNMC) questioned the reform proposed by the Government, thinking it might not give the right signals and could even raise the price of electricity. Then, the Government announced its intention to “review” its proposal and finally Sent to the Council of State on Thursday, March 30 inherent urgency. This organization has 15 working days since then say your ideaand from then on it will be whenever possible Approved by the Council of Ministers.
After the implementation date, there is almost no change between the two texts and the formula remains as the Ministry of Ecological Transformation announced a few months ago. HE energy price –one of four items on the invoice, including the commitment, taxes, and regulated items– will not be calculated on the price of the item alone daily market (the so-called ‘pool’), but some to be connected light price in the futures market, which is more stable. Specifically, a futures basket is created, corresponding to 10% monthly product, 36% quarterly product, and 54% annual product. But the change will not be sudden, but progressiveso forward market reference 25% of the price in 2023, 40% in 2024 and 55% in 2025.
This mechanism means less volatile pricesHowever not necessarily cheaper. Thus, according to both the CNMC in its report and the Government in the economic memory of the previous royal decree, The scenario of price increases, as in the last months, will soften these rate increases.but one stable scenario –as was customary before the war– can mean rise.
In its draft royal decree, the government reiterates that since its creation in 2014, “this regulated price has been structured as follows: one of the most competitive power supply offerings market,” he adds, but that competitiveness “has come at a cost.” high exposure of agents to the daily marketundermines incentives to buy. term hedging instrumentsIt has emerged as a weakness in the context of the upward movement caused by the contagious effect of natural gas on electricity prices.
in the context of discussions between European Commission and Spain and Portugal bringing the upper limit to the gas price, Spain informs Brussels of its intention to reform regulated electricity tariff to reduce their dependence on the development of the daily market. The European Commission took into account Spain’s intention in its decision to approve the Iberian mechanism and expressed Spain’s expectation that the implementation of this measure would allow time for the Executive to enact the regulated tariff reform. Therefore, the Government intends to give it the green light. new rate When the new extension of the gas cap ends on December 31st.
On the other hand, the new offer only local consumers and micro businessesuntil now Any company with less than 10 kilowatts of power It can contract with PVPC. Thus, small and medium-sized companies that have an existing contract and do not meet the conditions of access to PVPC as of January 1, 2024 will be able to continue at this rate “until it expires”.
Also, and given that consumers social bond This rate should be contracted, includes a The new component in the structure of PVPC to get the cost of social bonding which must be met by reference marketers and include new financing plan (Amended by the Government in the first royal decree to address the economic consequences of the war in Ukraine) the cost will be borne by all agencies in the industry (manufacturers, shippers, distributors, marketers and direct consumers).