The average price will rise 67% to 186 euros per megawatt hour, and will even reach 249 euros between 8:00 p.m. and 9:00 p.m.
The weekend has been just an oasis in the desert. After this Sunday the price of electricity fell to 111.6 euros per megawatt hour (MWh), the lowest since last August 29, it soared again this Monday by 67% to stand at 186.46 euros , the most expensive in history for the first day of the week, according to data from the designated electricity market operator (OMIE).
It represents an increase of 6.7% compared to what was registered a week ago, while if compared to a year ago, the cost of electricity is multiplied almost by six.
The highest price this Monday will be between 8:00 p.m. and 9:00 p.m., when it will reach 249 euros / MWh, while the lowest will be recorded between 2:00 a.m. and 3:00 a.m., when it will trade at 141.59 euros / MWh.
This situation occurs in the midst of a rise in the price of all raw materials linked to energy around the world, such as gas, oil and coal, which at the same time triggers CO2 rights, also at record highs. That is why the ministers of Economy and Finance of the eurozone (Eurogroup) will discuss this Monday the consequences of the increase in energy prices on issues such as economic growth, inflation or budget planning in full debate to find a common response to the situation.
The price of electricity in Spain has previously marked its highest historical prices in both July and August, and September has exceeded both records, to an average of 156.14 euros in the ninth month of the year and with the maximum recorded last year. Friday, when it rose to 216 euros, a level never seen before.
However, the Government has already approved a shock plan that will temporarily contain these increases, by lowering taxes and reducing some extraordinary income from electricity companies, so it will not be reflected in consumer bills.
Uploads at least until March
Even so, as it is a global problem, the inflationary trend in all types of energy could be transferred to the industry, which could cause pressures in its activity or the transfer of prices to consumers.
The reduction of the VAT to 10%, the suspension of the 7% tax on electricity generation, the discount of the electricity tax at 0.5% or the expected contribution of 2,600 million euros by the electricity companies from the so-called ‘benefits fallen from the sky’ are some of the measures undertaken by the Spanish Government.
In any case, the price of the quotation that is published every day, as the Executive has already warned, will continue at high levels and rising, at least until March of next year, at which time these measures are expected to decline. Meanwhile, the bill should continue to fall in price despite the rise in the wholesale market.
It represents an increase of 6.7% compared to what was registered a week ago, while if compared to a year ago, the cost of electricity is multiplied almost by six.
The highest price this Monday will be between 8:00 p.m. and 9:00 p.m., when it will reach 249 euros / MWh, while the lowest will be recorded between 2:00 a.m. and 3:00 a.m., when it will trade at 141.59 euros / MWh.
This situation occurs in the midst of a rise in the price of all raw materials linked to energy around the world, such as gas, oil and coal, which at the same time triggers CO2 rights, also at record highs. That is why the ministers of Economy and Finance of the eurozone (Eurogroup) will discuss today the consequences of the increase in energy prices on issues such as economic growth, inflation or budget planning in full debate to find a common response to the situation .
The price of electricity in Spain has previously marked its highest historical prices in both July and August, and September has exceeded both records, to an average of 156.14 euros in the ninth month of the year and with the maximum recorded last year. Friday, when it rose to 216 euros, a level never seen before.
However, the Government has already approved a shock plan that will temporarily contain these increases, by lowering taxes and reducing some extraordinary income from electricity companies, so it will not be reflected in consumer bills. The price of the quotation that is published every day will continue at high levels and will rise, at least, until March of next year.
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