The price of electricity in the wholesale market (pool) has been set for Monday, January 17, at 244.67 euros per megawatt hour (MWh), which represents an increase of 15% over the
value set for this Sunday, in what will be its highest value of the year.
According to data from the Iberian Electricity Market Operator (OMIE), the maximum price on Monday will be between 19:00 and 20:00 hours, when it will be 285.68 euros/MWh, while the minimum will be 209.55 euros/MWh between 4:00 and 5:00 in the morning.
After this increase, the price of electricity almost quadruples the amount recorded just a year ago, when it was paid at 64.51 euros/MWh after the passage of the storm Filomena.
In addition, the price for Monday will again exceed the barrier of 200 euros/MWh, a value that was reached in almost 80% of the days of December and in 11 of the first 17 days of January.
So far this month, the average price of electricity stands at 190.3 euros/MWh, 20% less than the average recorded during the month of December (239.22 euros/MWh), the most expensive in history to date.
Electricity closed 2021 as the most expensive year in the historical series, with an average price of 111.4 euros/MWh, more than triple that of the previous year, the cheapest in the last 17 years thanks to the fall in demand and prices caused by the pandemic.
To cushion the impact that the increase in electricity prices is having on consumers, the Government has extended the tax rebate on the taxes levied on electricity bills (VAT, electricity tax and tax on electricity generation) during the first
four months of the year.
The prices registered in the wholesale market have a direct impact on the regulated tariff or PVPC, to which almost 11 million consumers in Spain are subscribed, and serves as a reference for the other 17 million who contract their supply in the free market.
Behind the price increase are the high gas prices on international markets and carbon dioxide (CO2) emission rights, which have been reaching record highs month after month during 2021.
As for the rest of European countries, in the United Kingdom the megawatt hour will be paid on Monday at an average of 290.33 pounds (about 348 euros), while in Germany it will be paid at 129.31 euros; in France, at 261.13 euros; in Italy, at 244.86 euros; and in Portugal, at the same price as in Spain when sharing the market.