Tuesday, March 28

The price of electricity breaks its downward trend and rebounds this Saturday by 6.3%

The average price of electricity in the wholesale market will cut this Saturday the downward trend of the last four days and will rebound 6.32% compared to this Friday, once again exceeding the level of 190 euros per megawatt hour (MWh).

Specific, the ‘pool’ will register an average price of 190.41 euros/MWh this Saturday, some 11 euros more than the 179.09 euros/MWh this Friday, according to provisional data published by the Iberian Energy Market Operator (OMIE) collected by Europa Press.

By time slots, the maximum electricity price for this January 22, it will be between 8:00 p.m. and 9:00 p.m., with 245.27 euros/MWh, while the minimum, of 166.9 euros/MWh, will be recorded between 04:00 a.m. and 05:00 a.m.

Compared to a year ago, the price of the ‘pool’ for this Saturday will be 353% more expensive than the one registered on January 22, 2021, of only 41.97 euros/MWh.

The prices of the ‘pool’ have a direct impact on the regulated rate –-the so-called PVPC–, to which almost 11 million consumers in the country are welcomed, and serve as a reference for the other 17 million who have contracted their supply in the free market.

The rise in the electricity market in recent months is mainly explained by the high prices of gas in the markets and carbon dioxide (CO2) emission rights, in historical highs this year.

2021, the most expensive year

The light closed 2021 as the most expensive year in the historical series, with a average price of 111.93 euros/MWh due to the upward spiral registered in the ‘pool’ in the second semester.

The month of December registered an average monthly price in the wholesale electricity market of 239.1 euros, the highest monthly price in history after exceeding the 200 euros/MWh of last October by more than 39 euros.

Related news

The Government has extended until April 30 the tax reduction included in the electricity bill paid by all consumers in order to alleviate the negative effect that the rise in the price of electricity is having on citizens.

Specifically, they have been extended until April 30 the discounts from 21% to 10% VAT and the special electricity tax from 5.11% to 0.5%, the legal minimum. However, the suspension of the 7% generation tax paid by companies will only be maintained, for now, until March 31.