The average daily price of electricity in the wholesale market will drop 7.62% this Sunday compared to Saturday, to 209.63 euros per megawatt hour (MWh), but it will be the most expensive Sunday in history after surpassing the previous record from last week.
Compared to last Sunday, in which the electricity stood at 175.64 euros, the rise is 19.35%. If compared to the same day a year ago, the increase amounts to 394%. The highest price this Sunday will be between 8:00 p.m. and 9:00 p.m., when it will reach 270 euros / MWh, while the lowest will be recorded between 4:00 p.m. and 5:00 p.m., with 183.84 euros / MWh.
The price of electricity already marked the second highest record in history this Friday, although it has been more than a week that a new absolute record capable of pulverizing the 288.53 euros that was set on the 7th of October.
Invoice shot up so far in October
The electricity bill has already skyrocketed this October and if prices are maintained throughout the month, the average user would pay 135.57 euros, 109.8% above the 64.61 euros a year ago, according to the analysis. on the evolution of the semi-regulated rate of the Voluntary Price for the Small Consumer (PVPC) carried out by Facua-Consumidores en Acción.
In fact, the Ministry for the Ecological Transition and the Demographic Challenge (Miteco) has launched a prior public consultation regarding the modification of the PVPC, which is fully indexed to the wholesale electricity market and is the contracting modality chosen by 10, 7 million consumers, about 40% of all households.
Facua also warns that the new measures adopted by the Government have been “absolutely insufficient” and considers that they are only causing “a slight brake on the brutal rate hike.”
The reduction of VAT to 10%, the suspension of the 7% tax on electricity generation, the discount of the electricity tax at 0.5% or the expected contribution of 2,600 million euros by the electricity companies from the so-called ‘benefits fallen from the sky’ are some of the measures undertaken by the Spanish Government.
However, the European Commission has put the measures proposed by Spain to respond to the rise in the price of electricity, such as the possibility of undertaking joint gas purchases to create strategic reserves, for a medium-term reflection, while urging capitals to give “priority” to actions already provided for in current legislation that may have an “immediate” impact.