Thursday, September 16

The price of electricity pulverizes another record and shoots up this Friday to 152 euros / MWh

The average price of the wholesale electricity market is going to chain this Friday another historical maximum for the second consecutive day, pulverizing all records and standing at 152.32 euros per megawatt hour (MWh), 10.6 euros above the previous record of 141, 71 euros / MWh registered this Thursday. It thus exceeds the barrier of 150 euros / MWh for the first time in history.

The so-called pool, whose price has doubled compared to May, continues without respite, driven by record gas prices in Europe and the historical highs of CO2, which have led the Government to prepare a package of measures that the third vice president and Minister for the Ecological Transition, Teresa Ribera, hopes to lead the Council of Ministers soon.

The President of the Government, Pedro Sánchez, promised last weekend that by the end of 2021 consumer prices will be similar to those of 2018, after discounting inflation.

This new record streak, which is supposed to remit on the weekend, when demand is lower than on weekdays, comes after the pool last week hit four consecutive all-time highs. In August he did it for five working days in a row. This spiral has led the Government to consider extending the tax cuts already in force (VAT and the 7% generation tax) until next spring and also approving a reduction in the Electricity tax.

On the table is also a reform of the semi-regulated rate of the voluntary price to small consumers (PVPC) to which there are some 11 million domestic consumers, to make it less dependent on the pool, to which the cost of energy is directly indexed, which would prevent the daily price from ending up on the front pages of all the media every time there is a record. The government is also preparing auctions that force large power companies to give up part of their energy and greater control of hydroelectric dams.

The current energy price storm, linked to the upward spiral of gas, derived from the low levels of storage of this raw material in Europe in the face of winter, the strong Asian demand and the uncertainty about the supply is supposed to subside by spring. from Russia, among other reasons. Added to this is the rising cost of CO2, which this week has exceeded 62 euros per ton for the first time.

The price of this Friday more than triples the 46 euros / MWh of a year ago. Taking into account the time slots, the cheapest will take place between 5:00 and 12:00, when it will drop to 146.29 euros. On the contrary, the most expensive will take place between 9 pm and 10 pm, when it will shoot up to 159.31 euros.

The first two weeks of September already have the record of having the highest prices ever seen in the wholesale market.

This Thursday, the president of the Association of Electric Energy Companies (Aelec), Marina Serrano, has defended that electricity companies are not the “culprits” of the rise in the price of electricity and has attributed this increase to “external causes” that have to do with the international market.

“Electricity companies are not responsible for this situation and it affects them reputationally,” the president of the employer’s association that encompasses the distribution area of ​​the country’s main electricity operators, such as Endesa, has pointed out in an interview on Radio Intereconomía, collected by Europa Press. , Iberdrola, EDP and Viesgo.

In this sense, Serrano has justified that the increase in the price of electricity is marked above all by the rise in the price of gas in international markets and by the increase in the price of CO2.



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