The average price of electricity in the wholesale market will rise again this Monday and will once again approach 250 euros/MWh, which will be the highest so far this year. Specifically, the 'pool' registers this Monday an average price of 244.67 euros/MWh, 14.81% and almost 32 euros more than the 213.1 euros/MWh this Sunday, according to provisional data published by the Operator of the Iberian Energy Market (OMIE).
In this way, the value that will be reached this January 17 is the highest of the entire month and, therefore, of 2022. In addition, it is the highest price registered since December 24, 2021, a day in which the Spaniards paid 311.02 euros/MWh.
By time slots, the maximum price of electricity for this Monday will be between 7:00 p.m. and 8:00 p.m., with 285.68 euros/MWh, while the minimum, at 209.55 euros/MWh, will be recorded between 4:00 p.m. 5 in the morning. Compared to a year ago, the pool price for this day will be 279.27% more expensive than the one registered on January 17, 2021, of 64.51 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 rise 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.
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 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 electricity bill paid by all consumers in order to mitigate 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.