The average daily price of electricity in the wholesale market will drop today to 175.64 euros per megawatt hour (MWh), 22.6% less than this Saturday, although it will be the most expensive Sunday in history. Specifically, it is 57.38% higher than a week ago, when it was at 111.6 euros / MWh. Comparing it with a year ago, the price of electricity increased by 530.89%, that is, six times more than the 27.84 euros that were registered then.
On Sunday, September 26, until now it marked the most expensive price of electricity for that day of the week, with 160.42 euros, but it has only been two weeks until a new record has been registered with that of this Sunday, October 10 .
The highest price of this day will be between 8:00 p.m. and 9:00 p.m., when it will reach 251.60 euros / MWh, while the lowest will be registered between 11:00 a.m. and 12:00 p.m., with 135.07 euros / MWh .
This situation occurs in the midst of a rise in the price of all energy-related raw materials around the world, such as gas, oil and coal, which simultaneously triggers CO2 rights, also at record highs.
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, potentially causing pressure on 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.