The price of electricity in the wholesale market (pool) has been set for tomorrow, January 16, at 213.1 euros per megawatt hour (MWh), which represents a decrease of almost 3% compared to the value set for this Saturday, although it remains above the barrier of 200 euros/MWh.
According to data from the Iberian Electricity Market Operator (OMIE), the maximum price tomorrow will be recorded between 19:00 and 20:00 hours, when it will be 265.36 euros/MWh, while the minimum will be 186.6 euros/MWh between 5:00 and 6:00 in the morning.
Despite this decrease, the price of electricity multiplies by more than three times the amount recorded just a year ago, when it was paid at 67.72 euros/MWh, after the passage through Spain of the storm Filomena. In addition, the price for tomorrow, Sunday, a day in which economic activity decreases and energy demand is lower, will again exceed the barrier of 200 euros/MWh, a value that was reached in almost 80% of the days of December and in 10 of the first 16 days of January.
So far this month, the average price of electricity stands at 186.9 euros/MWh, 22% less than the average recorded during the month of December (239.22 euros/MWh), the most expensive in history to date.
In this sense, 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.
In order to cushion the impact that the increase in electricity prices is having on consumers, the Government has extended the tax reduction on the taxes levied on electricity bills (VAT, electricity tax and tax on electricity generation) during the first four months of the year.
Gas prices have an influence
The prices recorded in the wholesale market have a direct impact on the regulated tariff or PVPC, to which almost 11 million consumers in Spain subscribe, and which 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 in international markets and carbon dioxide (CO2) emission rights, which during 2021 have been setting record highs month after month.
As for other European countries, in the United Kingdom the megawatt hour will be paid tomorrow at an average of 185.28 pounds (about 222 euros), while in Germany it will be paid at 133.1 euros; in France, at 212.55 euros; in Italy, at 213.05 euros; and in Portugal, at the same price as in Spain when sharing the market.