The price of electricity falls 41% this Sunday, and stands at 119 euros per megawatt hour
The average price of electricity in the wholesale market will fall by 41.39% this Sunday, thus cutting the upward spiral of recent days, remaining below the level of 200 euros per megawatt hour (MWh) that has marked since last Thursday despite the arrival of the weekend.
Specifically, the ‘pool’ will register for this Sunday an average price of 119.24 euros / MWh, about 94 euros less than the 203.45 euros / MWh this Saturday, according to data published by the Operator of the Iberian Energy Market (OMIE) collected by Europa Press.
By time slots, the maximum price of electricity for this Sunday will be between 7:00 p.m. and 8:00 p.m., with 240 euros / MWh, while the minimum, of 14 euros / MWh, will be registered between 3:00 p.m. and 4:00 p.m.
Compared to a year ago, the price of the pool for this Saturday will be 39 euros more expensive than what was registered on January 8, 2021, 80.66 euros / MWh, also coinciding with the storm Filomena.
The pool prices‘have a direct impact on the regulated tariff –the so-called PVPC–, to which almost 11 million consumers in the country are welcomed, and serves as a reference for the other 17 million who have contracted their supply in the free market.
The rise in prices in the electricity market in recent months is mainly explained by high gas prices in the markets and carbon dioxide (CO2) emission rights, at record highs this year.
The month of December closed with an average monthly price in the market wholesaler electricity of 239.1 euros, the highest 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 electricity bill paid by all consumers in order to alleviate the negative effect that the rise in the price of electricity is causing 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.