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    Electricity prices rise again on Monday but remain below 200 euros/MWh

    May 22, 2022 - CE Noticias Financieras



      Specifically, the average pool price for this May 23 will be 194.16 euros/MWh, 13.84% more expensive than this Sunday, according to data published by the Iberian Energy Market Operator (OMIE) and collected by Europa Press.

      The maximum price of light for this Monday will be between 8.00 and 9.00 hours, with 230.02 euros/MWh, while the minimum for the day, 171.54 euros/MWh, will be recorded between 3.00 and 4.00 hours.

      Compared to a year ago, the average electricity price for this Monday is 182.74% more expensive than the E68.67/MWh of May 23, 2021.

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      The pool prices have a direct impact on the regulated tariff - the so-called PVPC - to which almost 11 million households in the country are subscribed, and serve as a reference for the other 17 million that have contracted their supply in the free market.

      In fact, the National Commission for Markets and Competition (CNMC) has found that in 2021, as part of the upward spiral of energy, around 1.25 million people switched from the PVPC to a fixed-price free market tariff.

      GAS CAP

      The Official State Gazette (BOE) published last Saturday the Royal Decree-Law establishing the mechanism to limit the price of gas for electricity generation to an average of 48.8 euros per megawatt-hour (MWh) for a period of twelve months, thus covering the coming winter, a period in which energy prices are more expensive.

      However, the mechanism, despite its publication as a Royal Decree-Law, is awaiting a formal decision from Brussels and an order from the Minister for its application.

      The price of the pool will fall by around 38% in its average price, from the 210 euros per megawatt hour (MWh) marked during the first quarter of this year to around 130 euros/MWh. Thus, the only electricity that consumers will pay for at gas cost will be that produced by gas-fired power plants.

      The measure will thus help to contain the escalation of prices and inflation and, above all, will act as a firewall against the volatility of gas prices resulting from the war in Ukraine, and will also facilitate the reform of the regulated tariff - the so-called PVPC - by incorporating price references from the futures markets.


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