The price of electricity in the wholesale market it has risen this Sunday more than 3% to reach 379.03 euros the megawatt hour (MWh), its second highest price in history, in the midst of the Russian invasion of Ukraine.
After this rise, the price of electricity will be 48% higher than the previous Sunday, multiplies by more than eight the amount that was marked just one year ago (45.07 euros)and is 84% higher than on February 24, when the Russian invasion of Ukraine began.
What’s more, Today’s price will be the most expensive in history for a Sundaya day on which economic activity usually decreases and energy demand is lower, and is only behind the 383.67 euros/MWh registered on December 23.
By time slots, the maximum price for this Sunday will be registered between 8:00 p.m. and 10:00 p.m., with 470.01 euros/MWh, while the minimum will be 334.21 euros/MWh between 3:00 and 4:00.
In the first six days of March, the price of electricity stands at an average of 323.42 euros/MWh35% higher than the value of December, the most expensive month in history with 239.22 euros/MWhand almost triple (190% more) than the average price of 2021 (111.4 euros/MWh), the highest since there are records.
Wholesale market prices have a direct impact on the regulated rate or PVPCto which almost 11 million consumers in Spain are covered, and serve as a reference for the other 17 million who contract their supply on the free market.
The military conflict between Russia and Ukraine could cause an even higher price increase in the coming weeks of energy prices, especially in the case of gas, due to the risk that Russian imports to Europe will be slowed down by the sanctions imposed by the European Union.
To cushion the impact that rising electricity prices are having on consumers, The Government has extended the tax reduction on taxes that tax the electricity bill until June 30.
The rise in prices that affects much of Europe is due, among other factors, to to the rising gas prices in international marketswhich is used in combined cycle plants and sets the market price in most hours, and the increase in the value of carbon dioxide (CO2) emission rights.