The average price of electricity in the wholesale market will shoot up today, Holy Tuesday, April 12, 45.4% compared to yesterday, Monday in the province of Santa Cruz de Tenerife and will once again be above the level of the 230 euros per megawatt hour (MWh), after the truce of the last days.
Specifically, the average price of the ‘pool’ for this Tuesday will be 237.3 euros/MWh, 74 euros more expensive than the 163.13 euros/MWh of the last day, according to data published by the Operator of the Iberian Energy Market (OMIE) Collected by Europa Press.
In this way, the wholesale electricity market will thus see the truce which began last Friday, when it registered a price of 154.7 euros/MWh, the lowest since last February 19, before the war in Ukraine began, and which continued over the weekend, with a Sunday in which up to three hours were recorded at prices of 1 euro/MWh due to the large contribution of wind and solar.
The maximum price of electricity for this Holy Tuesday will be between 10:00 p.m. and 11:00 p.m., with €282.26/MWh, and the minimum, of 183 euros/MWh, will be between 04:00 and 05:00.
Compared to just one year ago, the price of the ‘pool’ for this Tuesday will be 276.4% higher than the €63.04/MWh from April 12, 2021.
The prices of the ‘pool’ have a direct impact on the regulated rate –the so-called PVPC–, to which almost 11 million households in the country are covered, and serve as a reference for the other 17 million that have contracted their supply in the free market.
In fact, the National Commission of Markets and Competition (CNMC) has found that in 2021, within the framework of the upward spiral of energy, around 1.25 million people switched from the PVPC to a tariff in the free market at a fixed price.
Measures to reduce the price of the receipt
On March 29, the Government approved a national plan to deal with the impact of the war in ukraine which includes, among other measures, the extension of the tax reduction on the taxes levied on the electricity bill until June 30, as well as the extension of the electricity social bond to reach 1.9 million beneficiary households.
In addition, it was adopted early and extraordinary update of the regulated remuneration regime for renewables, cogeneration and waste (Recore) with an adjustment of 1,800 million euros with which the charges on the electricity bill are lowered.
Another of the measures agreed by the Executive was an extension until June 30 of the reduction of gas to reduce extraordinary profits in the electricity market, expanding its scope of application to energy contracted on a term basis and at a fixed price from the entry of the norm, if said price is higher than €67/MWh.
Likewise, the governments of Spain and Portugal have presented a preliminary proposal to the European Comission to establish a reference price for gas of 30 euros per MWh in order to lower the price of electricity.
