Tuesday, July 27

The price of electricity rises again this Monday in the midst of a cold wave


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He The price of electricity in the wholesale market rose again this Monday after a slight moderation on Sunday due to higher electricity consumption in the offices as it is a working day, although the cost will remain below the second highest figure in history reached last Friday.

According to data from the Iberian Electricity Market Operator (OMIE), the average price of electricity this Monday is 82.45 euros / MWh, 24.4% higher than this Sunday (66.27 euros) and 2 , 2% higher than that of Saturday (80.66 euros), but 13.2% lower than that of Friday (94.99 euros). The price during this day will move between a maximum of 121.14 euros / MWh between 9 p.m. and 10 p.m. and a minimum of 46.36 euros / MWh, between 5 and 6 in the morning.

The average price of electricity in the wholesale market (where prices are negotiated one day in advance) stood for last Friday at 94.99 euros / MWh, the second highest in history after 103.76 euros which marked January 11, 2002.

A «conjunctural» episode

The fourth vice president of the Government and Minister for the Ecological Transition, Teresa Ribera, considered last Saturday that the rise in the price of electricity these days, which has marked all-time highs, is about a “conjunctural” episode that has a “limited” impact on the electricity bill, and stressed that it is not solved with a public energy company, as has been requested on other occasions by Unidos Podemos, its partner in the Executive.

In an interview with Europa Press, Ribera stated that, despite the insistence of United We Can, which has come to bet on a public energy company or even nationalize Endesa, it would be a measure that “does not solve anything”, since the conditions of the The electricity market and the gas price “are the same” for all the countries of the European Union. «EDF is a French public company and Enel is an Italian public company, and the evolution of prices in the French and Italian markets has been the same as in Spain, since European law does not allow selling at low cost, market conditions and the price of gas are the same for them as for us. Nor do we believe that we are the most clumsy, “he said.

Ribera pointed out that the “perfect storm” has occurred with the ingredients of the cold wave, which has caused an increase in energy demand, joined by pressure in the natural gas market and the increase in CO2 prices, which has led to recording this “temporary increase” in the price of electricity.

However, he recalled that the electricity market is designed “for the whole of the European Union, with the same rules”, so this rise is being the same in the rest of the countries.

He also stressed that this increase in the electricity wholesale market “does not have a linear impact” on the electricity bill, so it does not translate into automatic increases or the same amount in the final prices paid by consumers, since that on the receipt there are other items (tolls, charges and taxes) that are not affected by the market.

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