The average price of electricity in the wholesale market will drop 1.8% this Thursday compared to this Wednesday, although it will remain one more day above the level of the 230 euros per megawatt hour (MWh).
A) Yes, the average price of the ‘pool’ will be 232.50 euros/MWh this Thursday, which will mean 4.27 euros less compared to 236.77 euros/MWh this Wednesday, according to data published by the Iberian Energy Market Operator (OMIE) collected by Europa Press.
By time slots, The maximum electricity price for this January 27 will be between 8:00 p.m. and 9:00 p.m., with 249.01 euros/MWh, while the minimum, of 215.75 euros/MWh, will be recorded between 11:00 p.m. and 12:00 a.m.
Compared to a year ago, the pool price for this Thursday will be 289% more expensive than the one registered on January 27, 2021, of 59.77 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 increase in the electricity market in recent months is mainly explained by the high gas prices in the markets and carbon dioxide emission rights (CO2), at record highs this year.
2021, the most expensive year
Electricity 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 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.
The Government has extended until April 30 the reduction of 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.