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    The price of electricity falls 0.83% on Tuesday and remains below 200 euros/MWh


    June 7, 2022 - CE Noticias Financieras

     

      MADRID, 7 (EUROPA PRESS)

      Specifically, the average price of electricity will stand this Tuesday at 193.32 euros/MWh, 1.62 euros cheaper than the price of Monday (194.94 euros), according to data published by the Iberian Energy Market Operator (OMIE) and collected by Europa Press.

      Thus, the maximum price of electricity on June 7 will be recorded between 22.00 and 23.00 hours, with 228.81 euros/MWh, while the minimum for the day, of 164.07 euros/MWh, will be between 17.00 and 18.00 hours.

      Compared to a year ago, the average price of electricity for this Tuesday will be 142.59% more expensive than the 79.69 euros/MWh of June 7, 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 homes 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.

      Last May, the electricity bill of an average user reached 120.68 euros, 46.9% above the 82.13 euros of the same month last year, according to data from Facua-Consumers in Action on the evolution of the regulated tariff (PVPC), which places last month's bill as the sixth highest in history.

      PENDING APPROVAL OF THE GAS CAP.

      In mid-May, the Official State Gazette (BOE) published 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 the formal decision of Brussels and to be initialed by an order of Ecological Transition for its application.

      The Government limits in its calculations to 15.3% the reduction to the average electricity consumer under the PVPC regulated tariff during the 12 months of application of the approved cap on electricity generation from natural gas, according to the impact report that accompanies the decree-law and to which Europa Press has had access.

      For the industrial consumer, totally exposed to the spot price, the Government estimates a reduction in the bill of between 18% and 20%, ranging the first month of the mechanism between 15% and 17%, and between 13% and 15% in the last month.

      Despite this, the Minister for Ecological Transition and the Demographic Challenge, Teresa Ribera, has admitted that there is some "uncertainty" in calculating the exact reduction in the price of electricity once the cap on gas to generate electricity comes into force, but she maintains that the Executive's forecast is that it will fluctuate between 15% and 20%.

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