The price of electricity continues to break ceilings and will smash all records tomorrow. Electricity in the wholesale market will cost an average of 172.78 euros per megawatt hour tomorrow, a level never seen before in Spain. Based on data from the OMIE platform, the price of electricity increased by 19.35 euros compared to the 153.43 that marked this Tuesday, a day in which the ‘pool’ scored the third highest price in history.
By hourly sections, the price of electricity on Wednesday will oscillate between 180.30 euros per megawatt hour, which will reach a maximum from 9 a.m. to 11 a.m. and a minimum of 159.42 euros per MWh that will be recorded at 12 o’clock. evening.
September is already heading to close as the month with the most expensive electricity. Already in August the price was setting record after record to end the month at an average of 106 euros per megawatt hour, the highest since there are records. The price of electricity also reached a maximum in July, when it closed with an average daily price of 92.4 euros.
The rise in electricity has also triggered prices and the CPI already stands at 3.3%, a threshold not seen in the last nine years. As confirmed by the INE today, the price of electricity in Spain ended August 34.9% more expensive than a year earlier, thus accumulating six months of promotions and four of them with increases above 30%.
This new record of electricity is known just the day that the Council of Ministers will approve a Royal Decree-law with the aim of reducing the price of the bill in the midst of escalating electricity prices in the wholesale market. In the shock plan that will be given the green light today, the Executive will include a measure to limit the increase in the rate of last resort (TUR) for natural gas for two quarters, according to the Royal Decree-law to which ABC has had access . The objective, as established in the regulations, is cushion on receipt of domestic consumers “The exceptional rise in international prices for natural gas.”
Thus, the Executive calculates that by entering to regulate the gas rate, a rise in the bill of an average household that could reach 30-40% depending on the consumption band will be avoided. The Government emphasizes in the decree that the price of electricity, which affects the self-employed, families, industries and the economy, is closely linked to the evolution of the price of natural gas in international markets.
In addition, the Government will approve market mechanisms that “promote the forward contracting of electricity as long as the degree of competition and liquidity in the forward markets so requires.” They will be long-term energy auctions that will be subject to specific conditions. And the generation linked to these auctions of long-term power purchase contracts will correspond to a maximum of 25% of the lowest annual energy value generated in the last 10 years from manageable and non-emitting infra-marginal facilities that do not receive specific remuneration and that have not been awarded in the renewable energy development auctions.