The price of electricity reaches its maximum of 2022 after the Ukraine crisis

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Following the start of Russia’s attacks on Ukraine on Thursday, natural gas futures soared.

R. C.

The average price of electricity in the wholesale market rose 8.15% this Monday compared to yesterday, and exceeds 277 euros per megawatt hour (MWh), the highest price so far in 2022. Specifically, the average price of the ‘pool’ for this Monday is 277.78 euros/MWh, about 21 euros more expensive than the price of Sunday, located at 256.84 euros/MWh.

The price of this Monday is the highest so far in 2022, since it is above the previous maximum, of 261.11 euros/MWh, marked on Saturday, February 26. By time slots, the maximum electricity price for today will be between 8:00 p.m. and 9:00 p.m., with 346 euros/MWh, while the minimum, 218.97 euros/MWh, will be recorded between 3:00 p.m. and 4:00 p.m.

Following the start of Russia’s attacks on Ukraine on Thursday, natural gas futures soared. However, this Friday its price on the Dutch TTF platform, a benchmark in Europe, was relaxed, falling by just over 20%, to 102.770 euros/MWh.

In the case of Mibgas, the operator of the Iberian market, the price of natural gas this Friday stood at 113.05 euros/MWh, after registering an increase of 29%. The rise in electricity prices since the middle of last year is explained, mainly, by the high prices of gas in the markets and carbon dioxide (CO2) emission rights, at all-time highs.

Compared to just a year ago, the price of the ‘pool’ for this Monday will be 1,399.08% higher than the 18.53 euros/MWh of February 28, 2021. The Government has extended the reduction until April 30 of the taxes included in the electricity bill that all consumers pay in order to alleviate the negative effect that the rise in the price of electricity is causing on the bills.

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