Electricity continues to lower its prices with a new fall of 7%

The light drops this Sunday by 7.4% to 102 euros.

The average price of electricity in the wholesale market (pool) for this Sunday was at 102.03 euros per megawatt hour (MWh), 7.4% less (8.19 euros) than the average on Saturday, according to data from the Iberian market operator OMIE.

Between Saturday and Sunday the cost of electricity gives a truce to the pockets of the consumer, as usual on weekends, with a cumulative decrease of almost 15% in relation to the price that marked on Friday, the second highest in history (118.99 euros / MWh) and far from Thursday’s record (122, 76 euros / MWh).

The price of electricity for today It is the lowest of the last Sundays, in which 110.51 euros / MWh (August 22) and 110.02 euros / MWh (August 15) were recorded.

In year-on-year comparison, the price of the pool, reference in Spain for calculate the regulated tariff (PVPC) that is paid in about 10 million homes, will still be almost triple with respect to the 35.12 euros / MWh that it cost on the fifth Sunday of 2020 (August 30).

By time bands, this price, in which the supply of producers intersects with the demand forecast by Electric Network, It will range between 128.41 euros / MWh, which will cost between 10:00 p.m. and 11:00 p.m., and 93.06 euros / MWh, between 5:00 p.m. and 6:00 p.m.

Behind these high prices, which affect the whole of Europe, are the rising cost of gas, used by combined cycles and which marks the price of the pool in most hours; the increase in the cost of carbon dioxide (CO2) emission rights; the absence of wind to generate wind power and the increase in demand for economic recovery.

Consumers who contract their supply in the free market, which are about 17 million, pay per kilowatt hour the prices agreed by contract with the trading companies, therefore, they are not affected by the fluctuations of the pool.

To immediately cushion the impact on the bill of the pool increase, the Government has lowered (only for contracted powers up to 10 Kw) until the end of the year the VAT levied on the electricity bill from 21 to 10% and it has suspended during the third quarter the tax on electricity generation (7%) paid by producers.

Precisely to account for this historic August of the electricity bill, the Minister for the Ecological Transition, Teresa Ribera, will appear on Monday, from 4:00 p.m., in the Congress of Deputies.


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