The electricity price in the wholesale market has fallen today Monday, May 2, 8% to reach 191.81 euros per megawatt hour (MWh) on the province of Santa Cruz de Tenerife (Tenerife, The Palm, La Gomera Y The iron), according to data from the Iberian Electricity Market Operator (OMIE) consulted by Efe.
After this rise, the price of electricity triples the amount it marked just one year ago (61.39 euros), although it is around 7% below the figures for February 24, when it started Russian invasion of Ukraine.
By time slots, the maximum price for this Monday, a holiday in several autonomous communities, will be recorded between 9:00 p.m. and 10:00 p.m., with 217.2 euros/MWh, while the minimum will be 155.01 euros/MWh between 5:00 p.m. and 6:00 p.m.
The price of electricity in the first day of May is about 32% below the average for March, the most expensive month in history with 283.3 euros/MWh, but it exceeds the average price of 2021 (111.4 euros/MWh).
The wholesale market costs They have a direct impact on the regulated tariff or PVPC to which almost 11 million consumers in Spain are covered, and serve as a reference for the other 17 million who contract their supply on the free market.
The government recently approved a national response plan to the economic and social consequences of the war in Ukraine, which includes the extension of the tax reduction on the taxes levied on the electricity bill until June 30, and the extension of the electricity social bond to reach 1.9 million beneficiary households.
In addition, the European Council has recognized the difficulty of Spain and Portugal to face the high prices of the Energy, which will allow both countries to benefit from a “special treatment” in their response, which involves setting a maximum price for the gas used to generate electricity.
In this sense, the European Commission has agreed to initially establish this limit in 40 euros/MWh during the next twelve months, to stabilize at about 50 euros on average throughout the period, thus lowering the cost of electricity for Iberian consumers, a reduction that consumers will notice as of this month.
