MADRID – As Monday follows Sunday, so another electricity price point makes the record books. An increase of 8.5% compared to Sunday sees the most expensive Monday in history recorded.
The price of electricity marks a new record in Spain with the most expensive Monday in history: €227.45 per MWh.
Compared to a week ago, the increase is almost €43 (23.3%). Compared to a year ago, the price of electricity has increased almost sixfold. The average daily price of electricity on the wholesale market is returning to an upward path after the declines recorded over the weekend. This is evident from data from the designated electricity market operator (OMIE).
Electricity price points
The highest price was on Monday between 8pm and 9pm at €280/MWh. The lowest price occurred between 1pm and 2pm, when it traded at €193.73/MWh.
Electricity bills already skyrocketed in October. If prices were to be maintained throughout the month, the average user would pay €135.57. That is 109.8% above the €64.61 from a year ago, according to an analysis conducted by consumer association Facua.
The Ministry for the Ecological Transition and Demographic Challenge (Miteco) launched a preliminary public consultation on the amendment of the PVPC. Fully indexed to the wholesale electricity market, the PVPC is also the contract form chosen by 10.7 million consumers. That is about 40% of all households.
Facua also warns the government’s new measures have been “absolutely insufficient” and believes they are only creating “a slight brake on the brutal increase”.
The government measures include:
- reduction of the VAT to 10%,
- suspension of the 7% tax on electricity generation,
- reduction of the electricity tax to 0.5%
- or the expected contribution of 2,600 million euros by the sustainable electricity companies from the so-called ‘windfall profit’.