Check at what times of the day the price of electricity will increase and decrease today
The average price of electricity in the wholesale market will rise 8.4% on Friday compared to this Thursday, once again being above the level of 200 euros per megawatt hour (MWh).
In this way, the average price of the ‘pool’ will stand this Friday at 202.99 euros/MWh, almost 16 euros above the 187.27 euros of Thursday.
The maximum price of electricity for this May 13 will be between 08:00 and 09:00, with 242.74 euros/MWh, while the minimum for the day, 164.99 euros/MWh, will be registered between the 6:00 p.m. and 7:00 p.m.
Compared to a year ago, the average price of electricity for this Friday will be 239% more expensive than the 59.8 euros/MWh of May 13, 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 who have contracted their supply in the free market.
In fact, the National Commission of Markets and Competition (CNMC) has verified that in 2021, in the framework of the upward spiral of energy, around 1.25 million people switched from the PVPC to a rate in the free market at a fixed price.
The price of electricity per hour
An April 53% more expensive
Last April, the average user’s electricity bill reached 124.90 euros, 53.2% above the 81.55 euros of the same month last year, being the fifth highest in history, according to data of Facua-Consumers in Action.
However, the receipt registered a decrease of 29.3% in April compared to March, in which the monthly historical record was produced in the price of electricity in the wholesale market, with more than 283 euros/MWh.
The ‘Iberian exception’ will be approved this Friday
The Government will approve next Friday, in an extraordinary Council of Ministers, the Iberian exception to put a maximum cap on the price of natural gas for electricity generation, a measure that will allow the electricity bill to be reduced by up to 30%.
A few weeks ago, the governments of Spain and Portugal signed an agreement with the European Commission to cap the price of gas in the wholesale electricity market of the Iberian Peninsula, which will stand at an average of 50 euros/MWh in the next twelve months.
Pursuant to the agreement reached with the Community Executive, the gas reference price will initially be set at around 40 euros/MWh and will mark an average price of 50 euros/MWh over the 12 months that it is in force, which is 20 euros more than the ceiling of 30 euros/MWh proposed by Spain and Portugal.
In addition, on March 29, the Government approved a national plan to deal with the impact of the war in Ukraine that includes, among other measures, the extension of the tax reduction on taxes levied on electricity bills until the next June 30, as well as the extension of the electricity social voucher to reach 1.9 million beneficiary households.
An early and extraordinary update of the regulated remuneration regime for renewables, cogeneration and waste (Recore) was also adopted 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 euros/MWh.
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