Wednesday, October 4

The price of electricity falls 1.2% this Tuesday

The average price of electricity in the wholesale market will fall 1.21% this Tuesday compared to this Monday, after three days on the rise, although it will remain above the level of 220 euros per megawatt hour (MWh).

Specific, the pool will register an average price of 224.24 euros/MWh this Tuesday, almost three euros less than the 227 euros/MWh of this Monday, according to definitive data published by the Iberian Energy Market Operator (OMIE) collected by Europa Press.

By time slots, the maximum electricity price for this January 25 will be between 9:00 p.m. and 10:00 p.m., with 256.36 euros/MWh, while the minimum, 196.24 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 Monday will be 277% more expensive than the one registered on January 25, 2021, of 59.42 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 covered, and serve as a reference for the other 17 million who have contracted their supply in the free market .

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

2021, the most expensive year

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

The month of December registered an average monthly price in the wholesale electricity market of 239.1 euros, the highest monthly 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 reduction of the taxes included in the 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, the reductions from 21% to 10% of VAT and the special electricity tax from 5.11% to 0.5%, the legal minimum, have been extended until April 30. However, the suspension of the 7% generation tax paid by companies will only be maintained, for now, until March 31.