The government launched it at the worst time, almost two years ago energy crisis, A system that will control possible extraordinary profits from electricity companies and prevent some companies from misusing their income by taking advantage of the historical increase in energy prices. Spain was ahead of the rest of the European Union in taking such measures. ceiling price for electricity sales contracts and it did so in a more restrictive way, with price limits much lower than those that Brussels finally approved for all member states.
The purpose of the measure, which came into force in Spain in October 2021, was to prevent energy companies from selling electricity produced in Turkey. Some of the nuclear, hydroelectric and renewable energy sources at exorbitant prices set by the wholesale market, which are skyrocketing due to natural gas prices and CO₂ emission rights, costs that these technologies do not actually support.
To prevent this, the Government obliged nuclear, hydro and renewable energy companies to return extra revenues from sales contracts signed above the ceiling price of 67 euros per megawatt hour (MWh). sky (‘windfalls’ in industry jargon). Electric companies had to A total of 812.7 million excess income was returned to the system euros, according to data available to EL PERIÓDICO DE ESPAÑA.
The National Markets and Competition Commission (CNMC), which is responsible for analyzing the costs and expenses of the sector, announced the following: Mandatory cuts in income reached 131.8 million euros The organization did not disclose the amount of returns for this year because it only makes it public when settlements are closed for the entire year.
This year, companies continued to inject extra revenue into the electricity system until it reached 310.5 million between January and July alone, as confirmed by many sources with direct knowledge of the agreements formalized so far in the electricity sector. This year’s and last year’s figures They are above estimates managed by the Ministry of Ecological TransitionThis predicted that the reductions would be around 330 million each year.
Extending the price ceiling?
The Administrator activated the price cap in October 2021, reviewing and expanding it several times and extending its validity; This situation has now been fixed By the end of 2023such as other exceptional measures to control electricity, gas, fuel or food prices. The Spanish Government currently in office has not announced plans for a possible extension of anti-inflation measures, but is inclined to maintain some until the end of the year, depending on the course of the markets.
Last week, the Twenty-Seven agreed on a common position for electricity market reform, which now needs to be negotiated with the European Parliament and also the European Commission for final approval. The text agreed upon by the member states (except for Hungary’s abstention alone) clearly includes the following possibility: countries can continue until at least the end of June 2024. Spain imposes a ceiling of 67 Euros per MWh for electricity contracts, but in the EU a maximum price of 180 Euros is envisaged as a general framework.
“The submarginal revenue limit (…) has in some cases provided an important source of revenue that Member States have used to soften the impact of high electricity prices on consumer bills. This Regulation [el texto aprobado la semana pasada por los Veintisiete] It also offers tools to provide relief to consumers during periods when electricity prices are high. These should also be allowed as member states implement these tools. applying a non-marginal income limit The text states “until June 30, 2024”, paving the way for electricity price control to be maintained for at least another six months.