The average daily price of electricity in the wholesale market will fall this Sunday by 35.73%, to 111.60 euros per megawatt hour (MWh), the lowest figure since August 29, according to data from the market operator Designated Electricity (OMIE), collected by Europa Press.
The price of the megawatt hour of this Sunday will be 62.05 euros cheaper than that of Saturday. It is common for the price to moderate on weekends due to lower demand. Compared to a week ago, when the price of electricity in the Spanish wholesale market was 160.42 euros / MWh, the reduction is 30.4%. Comparing it with a year ago (14.40 euros), the rise is 675%. The highest price this Sunday will be between 9:00 p.m. and 10:00 p.m., when it will reach 210.98 euros / MWh, while the lowest will be recorded between 5:00 a.m. and 6:00 a.m., when it will trade at 15 euros.
Despite the decline this Sunday, this Friday electricity was more expensive than ever, with a price in the wholesale market of 216.01 euros / MWh, a situation that occurs in the midst of a rise in the price of all raw materials linked to energy around the world, such as gas, oil and coal, which at the same time triggers CO2 rights, also at all-time highs. In this context, the price of electricity in Spain has previously marked its highest historical prices in both July and August, and September has exceeded both records, to an average of 156.14 euros in the ninth month of the year.
A “crash plan”
However, the Government has already approved a shock plan that will temporarily contain these increases, by lowering taxes and reducing some extraordinary income from electricity companies, so it will not be reflected in consumer bills. Even so, as it is a global problem, the inflationary trend in all types of energy could be transferred to the industry, which could cause pressures in its activity or the transfer of prices to consumers.
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.
In any case, the price of the quotation that is published every day, as the Executive has already warned, will continue at high levels and rising, at least until March of next year, at which time these measures are expected to decline. Meanwhile, the bill should continue to fall in price despite the rise in the wholesale market.