The price of electricity falls 4.56% this Sunday and stands at 170 euros/MWh

MADRID, 21 May.

The price of electricity falls 4.56% this Sunday and stands at 170 euros/MWh

MADRID, 21 May. (EUROPA PRESS) -

The average price of electricity in the wholesale market will drop 4.56% this Sunday compared to this Saturday and remains below the level of 200 euros per megawatt hour (MWh).

Specifically, the average price of the 'pool' for this Sunday will be 170.56 euros/MWh, so it will be cheaper by about 7 euros compared to 178.01 euros/MWh this Saturday, according to data published by the Operator of the Iberian Energy Market (OMIE) and collected by Europa Press.

In this way, the price of electricity for this Sunday will once again be below the level of 200 euros/MWh after the rebound on Friday and will be the lowest price since last May 15. In this sense, it should be noted that the price of the 'pool' usually drops on weekends due to the drop in demand.

The maximum electricity price for this Saturday will be between 9:00 p.m. and 10:00 p.m., with 227.90 euros/MWh, while the minimum for the day, of 101.40 euros/MWh, will be registered between 2:00 p.m. and 3:00 p.m. hours.

Compared to a year ago, the average price of electricity for this Saturday will be 156.83% more expensive than the 66.41 euros/MWh of May 22, 2021.

The prices of the 'pool' have a direct impact on the regulated rate --the so-called PVPC--, to which almost 11 million households in the country are covered, and serve as a reference for the other 17 million who have contracted their supply in the free market.

In fact, the National Commission of Markets and Competition (CNMC) has verified that in 2021, in the framework of the upward spiral of energy, around 1.25 million people switched from the PVPC to a rate in the free market at a fixed price.

The Official State Gazette (BOE) published last Saturday the Royal Decree-Law establishing the mechanism to limit the price of gas for electricity generation to an average of 48.8 euros per megawatt/hour (MWh) during a period of twelve months, thus covering the next winter, a period in which energy prices are more expensive.

However, the mechanism, despite its publication as a Royal Decree-Law, is pending a formal decision from Brussels and to be initialed by an order from the minister for its application.

The price of the 'pool' will fall around 38% in its average price, from 210 euros per megawatt hour (MWh) marked throughout the first quarter of this year to about 130 euros/MWh. In this way, the only electricity that consumers will pay at the cost of gas will be that produced with gas plants.

The measure will thus help to contain the escalation of prices and inflation and, above all, will act as a firewall against the volatility of gas prices derived from the war in Ukraine, it will also facilitate the reform of the regulated tariff -the so-called PVPC- -, incorporating futures market price references.


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