The price of electricity in the wholesale market (pool) has been located for the Sunday, May 15, at 127.23 euros the megawatt hour (euros/MWh), which represents a decrease of more than 33% With respect to value set for this saturdayin which will be your lowest price so far this month.
According to data from the Iberian Electricity Market Operator (OMIE), the maximum price on Sunday will be recorded between 9:00 p.m. and 10:00 p.m., when it will be 226.18 euros/MWh, while the minimum will reach 1.03 euros/MWh between 3:00 p.m. and 5:00 p.m..
Thus, the price on Sunday, the day of the week when economic activity decreases and energy demand is lower, will be the lowest so far this month, and the cheapest since last April 23when electricity was paid at 86.25 euros/MWh.
Despite this fall, the second in a row, the price of electricity five times the amount marked during the third Sunday of May of the previous year (26.65 euros), although it remains 38% below the figures for February 24, when the Russian invasion of Ukraine began.
Wholesale market prices have a direct impact on the regulated tariff or PVPC, to which more than 10 million consumers in Spain are covered, and serve as a reference for the other 18 million who contract their supply on the free market.
In this sense, the Russian invasion of Ukraine is causing tensions in the energy marketespecially 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.
The government has approved a national response plan Given the economic and social consequences of the situation in Ukraine, which includes the extension of the tax reduction on taxes levied on electricity bills until June 30, and the extension of the electricity social bonus to 1.9 million beneficiary households.
In addition, after receiving recognition by the European Council of the difficulty that Spain and Portugal have in coping with high energy prices due to their low level of interconnections with the rest of the continent, both countries have launched a mechanism that will limit the price of gas for electricity production for 12 months.
This mechanism, which will cap the price of gas at an average of 48.8 euros/MWh for the duration of the measure, will allow the price of electricity in the wholesale market (pool) down 40% up to 130 euros per megawatt hour (MWh) from June, according to the calculations of the Executive.
As for the rest of the European countries, in the United Kingdom the megawatt hour will be paid on Sunday at an average of 103.41 pounds (about 122 euros), while in Germany it will be paid at 149.03 euros; in France, at 147.72 euros; in Italy, at 217.56 euros; and in Portugal, at the same price as in Spain by sharing the market.