The average price of electricity in the wholesale market continues to rise this Monday with a rise of 12.74% compared to this Sunday, standing at 227 euros per megawatt hour (MWh).
Specifically, the ‘pool’ will register this Monday an average price of 227.00 euros/MWh, about 26 euros more than the 201.34 euros/MWh this Sunday, according to final data published by the Iberian Energy Market Operator (OMIE) collected by Europa Press.
By time slots, the maximum electricity price for this January 24 will be between 7:00 p.m. and 8:00 p.m., with 297.33 euros/MWh, while the minimum, 177.46 euros/MWh, will be recorded between 03:00 a.m. and 04:00 a.m.
With respect to a year ago, the price of the ‘pool’ for this Monday will be 690.11% more expensive than the one registered on January 24, 2021, of only 28.73 euros/MWh.
Pool prices have a direct impact on the regulated rate -the so-called PVPC-, to which almost 11 million consumers are included in the country, and serve as a reference for the other 17 million who have contracted their supply in the free market.
The rise in electricity prices in recent months is mainly explained by high gas prices in the markets and carbon dioxide (CO2) emission rights, at all-time highs this year.
Electricity closed 2021 as the most expensive year in the historical series, with an average price of 111.93 euros/MWh due to the upward spiral registered in the pool in the second half.
The month of December registered an average monthly price in the wholesale electricity market of 239.1 euros, the highest monthly price in history after exceeding the 200 euros/MWh of last October by more than 39 euros.
The Government has extended until April 30 the reduction of taxes included in the the electricity bill paid by all consumers in order to alleviate the negative effect that the rise in the price of electricity is having on citizens.
Specifically, the reductions from 21% to 10% of VAT and the special electricity tax from 5.11% to 0.5%, the legal minimum, have been extended until April 30. However, the suspension of the 7% generation tax paid by companies will only be maintained, for now, until March 31.