The price of electricity picks up this Saturday, but is still at minimum levels |  Economy

The price of electricity picks up this Saturday, but is still at minimum levels | Economy

The average price of electricity for regulated rate customers linked to the wholesale market rises this Saturday, the 24th, to 34.36 euros per megawatt hour (MWh), which represents an increase of 62.7% compared to this Friday, when it marked its minimum since May 2021, with 21.12 euros/MWh.

In this way, the price of electricity rises for the first time in six days, although it registers the second lowest price of the month after the minimum it marked this Friday. A year ago, on December 24, 2021, the average price of electricity was 311.02 euros/MWh. In the auction, the average price of light in the wholesale market -the so-called pool- It stands for this Saturday at 36.41 euros/MWh. The maximum price will be registered between 6:00 p.m. and 7:00 p.m., with 106.48 euros/MWh, while the minimum, of 20.10 euros/MWh, will occur between 11:00 p.m. and 12:00 a.m., according to provisional data from the Operator of the Iberian Energy Market (OMIE).

At this price of pool Compensation to gas companies is added, which must be paid by consumers who are beneficiaries of the measure, consumers of the regulated tariff (PVPC) or those who, despite being in the free market, have an indexed tariff, which for this Saturday it stands at negative levels, -2.05 euros/MWh.

In the absence of the Iberian exception mechanism to cap the price of gas for electricity generation, the price of electricity in Spain would be around 98.94 euros/MWh on average, which is around 64.58 euros/MWh more than with compensation for regulated rate customers, who will thus pay 65.27% less on average. The Iberian mechanism, which entered into force on June 15, limits the price of gas for electricity generation to an average of 48.8 euros per MWh for a period of twelve months, thus covering the coming winter, a period in which energy prices are more expensive. Specifically, the Iberian exception sets a path for natural gas for electricity generation from a price of 40 euros/MWh in the initial six months, and subsequently, a monthly increase of 5 euros/MWh until the end of the measure.

bill increase

Despite this decrease in wholesale prices, the electricity bill for an average household covered by the Voluntary Price for Small Consumers has reached 63.11 euros so far in December, which represents an increase of 27, 4% compared to the same period in November, when it amounted to 49.55 euros. This is reflected in the electricity bill simulator of the National Commission for Markets and Competition (CNMC), which reveals that, despite this increase, compared to last year, the bill is reduced by 29.3% since that the receipt amounted to 89.21 euros in those days of December 2021.

This increase in monthly terms, which is maintained despite the fact that in recent days the light is registering its annual minimums, breaks with the trend experienced since September, which ended the streak of increases registered since June, when Russia limited the supply to through the North Stream pipeline. The upward period prior to September culminated in the second highest invoice in history in August, only surpassed by that of March of this year, the month after the start of the war in Ukraine.

On the other hand, compared to the previous year, December continues the trend that began in October, a month that ended with a series of 19 consecutive months of year-on-year increases that on many occasions even exceeded 60%, which explains a large part of the strong CPI increases this year. Said evolution of the price of electricity corresponds to the bill of an average consumer with a contracted power of 4 kW and an annual demand of 3,240 kilowatt hours (kWh).

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