Electricity has fallen by 34% pending the decree that will reduce its price by 15%

The average price of electricity in the wholesale market in May is 187.

Electricity has fallen by 34% pending the decree that will reduce its price by 15%

The average price of electricity in the wholesale market in May is 187.13 euros per megawatt hour (MWh), which represents a decrease of 33.95% compared to 283.3 euros in March, the month in which Spain and Portugal presented a proposal in the European Council to limit the price of gas used to generate electricity and thus force a drop in electricity.

This 'Iberian exception', as explained by Pedro Sánchez and his counterpart Antonio Costa on March 25, would reduce the electricity bills of consumers with a regulated rate or pvpc by 30% at a time when prices were at maximum historical. In fact, March set a new record in our country.

However, the Minister for the Ecological Transition, Teresa Ribera, deflated those expectations last week and reduced the aforementioned drop to between 15 and 20%.

At the moment, the new mechanism to lower the price of electricity is still stuck in Brussels and it is not yet known when it will begin to be applied. They are already two months late.

As for the average price for May (187.13 euros per MWh), it should be noted that it is 178.8% more expensive than the same month of the previous year (67.12 euros), although it represents a slight decrease of 2. 3% compared to last month (191.51 euros). Despite everything, May is the month with the lowest average price in all of 2022.

The average price for 2022 is 213 euros per MWh, compared to 53.24 euros for the same period in 2021, 300% more expensive.

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