The average price of electricity in the wholesale market will rise this Wednesday a 1.76% regarding this Tuesday and will once again exceed the level of 210 euros per megawatt hour (MWh).
Specifically, the average price of the ‘pool’ will stand at 210.18 euros/MWh this Wednesday, 3.64 euros above the 206.54 euros/MWh of this Tuesday, according to data published by the Iberian Market Operator of Energy (OMIE) collected by Europa Press.
By time slots, the maximum price of Electricity for this Wednesday will be between 9:00 p.m. and 10:00 p.m., with 270.09 euros/MWh, while the minimum, of 168.08 euros/MWh, will be registered between 04:00 and 05:00.
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 prices of gas in the markets and carbon dioxide (CO2) emission rights, at all-time highs this year.
Compared to a year ago, the price in the ‘pool’ for this Wednesday will be 697% higher than the 26.34 euros/MWh that it registered on February 2, 2021.
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 half.
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.