The price of electricity in the wholesale market (pool) has been placed for this Monday in 339.84 euros per megawatt hour (MWh), which represents an increase of more than 6% compared to the 319.63 euros / MWh of the day before, which will be its highest price in the historical series for the second consecutive day.
According to data from the Iberian Electricity Market Operator (OMIE), the maximum price will be registered between 20:00 and 21:00, when it will be 375 euros / MWh, while the minimum will be 267.99 euros / MWh between 4:00 and 5:00 in the morning.
With this new rise, the electricity will set a new record, the fifth in the last six days, ahead of the 319.63 euros / MWh registered this Sunday and the 309.2 euros / MWh of last Friday.
Compared to the day equivalent of a year ago, the price will be up to 682.65% higher, since on December 20, 2020, 43.42 euros / MWh were paid.
The prices of the pool have a direct impact on the regulated tariff -the so-called PVPC-, which is covered by almost 11 million consumers in Spain, and serves as a reference for the other 17 million that have contracted their supply in the free market.
The increase in price in recent months in the electricity market is mainly explained by the high gas prices in the markets and carbon dioxide emission rights (CO2), at all-time highs this year.
December began marked by great volatility, with falls in the average of some days to around 100 euros / MWh and with certain rises that far exceeded the level of 200 euros / MWh and now 300 euros / MWh.
But nevertheless, Since December 9, the price of electricity has not dropped below 200 euros and in the last week it has run amok, placing the average monthly price at 235 euros, that is, 35 euros more than last October, the month with the most expensive average to date.
The last invoice of the year would reach 134.45 euros on average
According to an analysis by Facua-Consumidores en Acción, if the same rates were maintained for the rest of the month, the last invoice of the year would reach 134.45 euros for the average user, a 94.1% above the 69.28 euros in December 2020.
“The December bill would have to be negative for President Sánchez and Minister Ribera to fulfill their promise“
The Receipt of the average user so far this year has increased by 15.1% compared to 2018. Thus, compared to 77.18 euros three years ago, the average monthly bill now reaches 90.87 euros.
However, the Government continues to trust that this year households will end up paying the same as in 2018. “The electricity bill for December would have to be negative for President Sánchez and Minister Ribera to fulfill their promise that this year consumers will pay the same as in 2018 once the CPI has been discounted.”
Thus, for that objective to be achieved, a Average user would have to receive an invoice in which his company returned 12 euros when this month ends, “says the Secretary General of Facua, Rubén Sánchez. Until now, the package of tax reductions approved by the Government contemplates the reduction from 21% to 10% of VAT, the suspension of the generation tax to 7% that companies pay, and the reduction of the special electricity tax from 5.11% to 0.5%, the legal minimum.
The association is calling on the Executive to impose for at least six months a minimum discount of 50% on the electricity bill subject to the semi-regulated PVPC tariff of the vast majority of families, excluding only those with higher incomes, run by companies energy companies in proportion to their market shares.
George Holan is chief editor at Plainsmen Post and has articles published in many notable publications in the last decade.