The average price of the wholesale electricity market will rise again this Wednesday to stand at 135.65 euros per megawatt hour (MWh), 6.5% more, until reaching the third most expensive price in the historical series and the most high in the records for this day of the week, above 132.47 euros last Wednesday, the highest until then.
The price of this Wednesday, slightly lower in Spain than the 139.39 euros in Italy and higher than the rest of the European markets, will multiply by more than three the cost of the same day last year, when a daily price of 41.54 euros per MWh.
Last week the price of electricity in the Iberian wholesale market set four consecutive records to exceed 140 euros / MWh on Thursday, the highest so far, and then give a truce on Friday and the weekend.
Taking into account the time slots, the cheapest this Wednesday will take place between 4:00 p.m. and 5:00 p.m., when it will drop to 109.08 euros. On the contrary, the most expensive will be between 9:00 p.m. and 10:00 p.m., when the price will skyrocket to 152.36 euros.
The first days of September already have the record of having the highest prices ever seen in the wholesale market, as a result of the historical highs of natural gas and CO2 emission rights, which will lead the Government to approve a new package of measures in the coming weeks.
Among other things, the Executive plans to launch energy auctions that force large companies to make part of their production available to third parties and will launch the minimum vital supply for the most vulnerable households. Measures are also being designed to decouple the voluntary small consumer price (PVPC) from the ups and downs of the wholesale market in exchange for a risk premium to be paid by the consumer.
The objective, as the third vice president, Teresa Ribera, said a few days ago, is to “shrink” the so-called pool. Last weekend, the President of the Government, Pedro Sánchez, assured that with the Government’s measures they will bring the cost of electricity in 2021 to the level of 2018, despite the fact that forecasts point to pool prices above 130 euros / MWh in the last quarter.
During the month of August, and in the heat of the heat wave, the price was setting a new record after another, causing the average price of the month to reach 106 euros / MWh, the most expensive month in history, after July, that already marked another record, with a price of 92.4 euros.
Once the prices for the first week of September are known, the Facua consumer association calculates that if the pool remains at current levels, the average user’s bill would reach 104.81 euros, a new historical record, in the case of a hosted customer. at the semi-regulated price (PVPC).
It would be almost 12 euros above the highest receipt in history, 93.10 euros last August. The increase compared to 66.78 euros in September 2020 would represent a rise of 56.9%, reaching levels that had never been recorded.
Facua has criticized through a statement that the Government continues without reacting to the brutal increase in rates with significant measures that cut the “inflated” profits of the electricity sector.