Unstoppable rise. The average price of electricity in the wholesale market will climb this Monday to an unprecedented maximum: 442.54 euros per megawatt per hour (Mw/h), according to data from the market operator, OMIE. This evolution was to be expected after reaching this Sunday, a holiday, the second highest average price in history (379.03 euros). In a single day it will rise 17%.
In addition, between 8 and 9 a.m. this Monday and also between 8 and 9 p.m., the most expensive strip will be registered, with 500 euros; while the cheapest, 379.02 euros (almost traced to the average price of Sunday) will be between 23 and 24 hours.
After this new rise, which occurs in full Russian military offensive on Ukrainethe price of electricity will be multiplied almost by 10 the amount registered just one year ago, when it was paid at 45.07 euros/MWh, and it is around 90% higher than when the war began with Russia’s invasion of Ukrainelast February 24.
This evolution has led to an increase in the transfer of users of the regulated rate to the free market, in search of cheaper receipts. The highest average price in the wholesale market was on December 23 of last year, when it reached its current record of 383.67 euros/MWh. The new one, this Monday pulverizes that record.
gas climbing
One of the components that most contributes to this takeoff is the escalation recorded by the gas in international markets, which generally sets the price in the wholesale market, as it is the last source that covers demand. After the conflict in Ukraine, this fuel has experienced an unstoppable escalation. Italy has joined Spain’s requests to decouple the evolution of the price of gas from that of electricity.
Faced with this increase in prices that may tend to worsen, the Government has decided to extend measures that try to contain the impact of the increases in the wholesale market on the bill paid by users.
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The 60% electric social bonus discount for vulnerable groups and 70% for severely vulnerable groups is extended until June 30, as well as the tax reductions on the receipt (electrical VAT of 10%, suspension of the 7% tax on the value of production and special electricity tax of 0.5%). It will also extend other measures in force until that date, such as the temporary reduction of the extraordinary benefit obtained by non-emitting gas generation plants, which ended on March 31.