The price of electricity will skyrocket tomorrow to a record 152.32 euros per megawatt hour




The price of electricity is still runaway and will rise tomorrow Friday until a new record of 152.32 a megawatt hour, a daily level that until now had never been registered in Spain. According to data from the Omie platform, the cost of electricity will mark a maximum for the second consecutive day after arriving today Thursday at a daily average of 141.71 euros. Specifically, the price of electricity
it will skyrocket by 7.5% tomorrow and the cost of the same day last year will triple
, when a daily average price of 45.1 euros per MWh was recorded.

During the day tomorrow, the price it will not fall in any hourly section of the daily minimum of 146.29 euros, price to be paid between 5 and 6 in the morning. The highest peak will take place from 21 to 22, when the megawatt hour will cost a whopping 159.31 euros. If this trajectory of prices goes through the roof, September will become the most expensive month in history in our country. This situation of high prices has dragged on for weeks after the end of July and August at the threshold of monthly highs.

Behind these prices is the rising cost of gas due to supply problems and increased demand in Asian countries. This Thursday, the price of gas stood at 57.98 euros per megawatt hour, according to data compiled by Mibgas.

Unstoppable trajectory

The high cost of electricity in the wholesale market or ‘pool’, which has a direct impact on the receipt of 11 million users, will continue to be borne by consumers and businesses in the coming months. The companies of the energy sector predicted yesterday in an energy forum that electricity prices will remain high at least until the spring of 2022. The Ministry of Ecological Transition itself has also come to admit that prices will continue to skyrocket between now and the end of anus. The CEO of Endesa, José Bogas, also pointed out earlier this week that this upward trend will not be reversed until the second quarter of next year.

In an energy forum held yesterday in Madrid, the CEO of Engie Spain, Loreto Ordóñez, illustrated the situation with figures: «As of next spring, prices will drop from 110-120 euros per MW hour -if we discount the peaks of the last quarter- to something close to 90 euros. What is also going to drop a lot is the price of gas, from the peak of 60 euros that we see today to something close to 30 euros also for the spring of 2020. What we do not know is what will happen to prices of Co2 », he clarified.

The electricians blame the gas

After the accusations launched by the Government, the president of the Association of Electric Power Companies (Aelec), Marina Serrano, assured this Thursday that electricity companies are not “guilty” of the rise in electricity prices in the wholesale market and that this situation also hurts them “reputationally”.

In an interview on Radio Intereconomía collected by Servimedia, the president of the association stressed that the historical highs in the price of electricity are marked by elements of the international market, specifically, by “the rise in the price of gas” and by the increase in “carbon dioxide emission rights that are set on the European market. ‘

Serrano reiterated that this situation does not suit companies in his sector and, at the same time, defended that the value of these companies on the Stock Market “is not rising” and that the electricity standard is “common” in Europe.

Crash plan

United We can today insisted that “there are many things that can be done” to lower the cost of the receipt, informs Elena Calvo. The Minister of Social Rights and the 2030 Agenda, Ione Belarra, assured that his proposals include that of regulating prices in the wholesale market, create a public energy company in the medium term and the prohibition of cutting off basic supplies to vulnerable households. Regarding the last measure, Belarra argued that “this prohibition would make people who see such a high bill and have to choose between eating meat or turning on the washing machine not have to think about it.” “I think it would be a good step that can be taken immediately and would put her at the forefront,” he explained.

For her part, the Minister of Ecological Transition, Teresa Ribera, announced earlier this week that
the Government plans to implement a shock plan in the coming weeks
to lower the price of electricity. Ribera specified that formulas are being studied to reform the electricity market so that the evolution of the price has the minimum impact on the bill. One of the main measures will be focused on launch primary energy auctions outside the wholesale market in which large electricity companies sell energy to small traders or industrialists to obtain another price reference.

The main objective of this plan will be to implement alternative market mechanisms to those that already exist, but that are compatible with community law, Ribera explained. Tools will also be included to protect coverage for vulnerable households and legislation will be enacted to avoid bad practices in the use of hydroelectric concessions such as those related to offering energy just when prices are more expensive.

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