The electricity price in the wholesale market (pool) has been for this Sunday, March 13, at 247.89 euros per megawatt hour (MWh), which represents a rise of almost 1% compared to the value set for this Saturday, ending four consecutive days of decline.
According to data from the Iberian Electricity Market Operator (OMIE), the maximum price will be recorded between 8:00 p.m. and 9:00 p.m., when it will be 389.9 euros/MWhwhile the minimum will be 174.51 euros/MWh between 4:00 and 5:00 in the morning.
After this rise, which occurs in the midst of Russia’s military offensive on Ukraine, the price of electricity will multiply by nine the amount registered just one year ago, when it was paid at 27.75 euros/MWh, and is 20% higher than when the war began, on February 24.
In addition, the price for this Sunday, the day in which economic activity decreases and energy demand is lower, It is 55% lower than the record of 544.98 euros/MWh registered on March 8.
so far this month, the average price of electricity stands at 349.94 euros/MWh, 110 euros above the average registered during the month of December (239.22 euros/MWh), the most expensive in history to date.
The March average also triples the price of 2021, which was crowned the most expensive year in the historical series with 111.4 euros/MWhmore than three times that of the previous year.
In this way, the military conflict between Russia and Ukraine might cause an even higher price increase in the coming weeks of energy prices, especially in the case of gas, due to the risk that Russian imports to Europe will be held back by the sanctions imposed by the European Union.
To cushion the impact that the rise in electricity prices is having on consumers, the Government has extended the tax reduction on taxes levied on the electricity bill (VAT, electricity tax and tax on electricity generation) until 30 of June.
The European Commission presented this week a package of measures to reduce its energy dependence on Russia and diversify sources of supply, and has opened the door for the first time to intervene in energy markets “temporarily” to limit the automatic contagion of the gas shortage at the price of electricity.
As for the rest of the European countries, in the United Kingdom the megawatt hour will be paid tomorrow at an average of 180 pounds (regarding 215 euros), while in Germany it will be paid at 115.1 euros; in France, at 250.32 euros; in Italy, at 307.07 euros; and in Portugal, which shares a market with Spain, although prices are sometimes decoupled due to differences in production, at 248.56 euros.
