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    Electricity prices: these are the most expensive and cheapest hours on Tuesday, May 10


    May 10, 2022 - CE Noticias Financieras

     

      Although the price of electricity during March did not stop breaking one record after another, recording its all-time high on March 8 with 544.98 euros megawatt hour (MWh); the arrival of April and now May seems to have left behind that nightmare, as the bill returns to levels of January and February confirming the stability in the regulated rate of light.So much so that the average price of the "pool" this Tuesday stands at 208.71 euros megawatt hour (MWh), surpassing for the third day the barrier of 200 euros per megawatt hour (MWh) in the month of May, according to provisional data published by the Iberian Energy Market Operator (OMIE).The main reason for this decrease is in renewable generation, especially in the irruption of photovoltaic energy, since during the month of April generation through photovoltaic panels increased by 52% compared to the same period of 2021, contributing to lower energy prices during central hours.In this line, last March 29, the Government approved a National Plan to face the impact of the war in Ukraine that includes a series of measures such as the tax reduction on the taxes levied on the electricity bill until next June 30 or the extension of the electricity social bonus to reach 1.9 million beneficiary households.Likewise, the governments of Spain and Portugal proposed to Brussels to establish a limit on the price of gas in the wholesale electricity market in the Iberian Peninsula; and although it was thought that this plan already had the green light to establish an average of 50 euros for a year for this good, the European Union denies having approved the Iberian plan that would lower the average consumer bill by around 40%.Regardless of these measures and factors to alleviate the cost of electricity, the escalation of prices in the electricity bill is a reality that has been affecting thousands of citizens since last year. So much so, that the levels continue to mark very high records compared to last year, given that this Tuesday the price will be 252% more expensive than the 59.26 euros/MWh of May 10, 2021.This exponential increase that has suffered the cost of the megawatt hour of electricity has also made more and more people trying to find cheaper alternatives or new methods that make them achieve savings in the electricity bill at the end of the month.According to data provided by OMIE, these will be the most expensive and cheapest hours:The electricity bill is calculated using two prices, the one paid for the contracted power and the price resulting from the kilowatts consumed during the month.The tariff created by the Spanish Government last July created a certain lack of control for the population in general, since by establishing a series of brackets, those people who do not have an agreed tariff with their distributor, suffered and still suffer today notable changes in the price depending on the time of the day. In this sense, the high electricity prices have a direct impact on the almost 11 million users in Spain who are covered by the regulated tariff, i.e., the so-called PVPC, and also serve as a reference for the other 17 million who contract their supply in the free market.

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