Updated on Thursday, 30 September 2021 – 13:41
The 216.01 euros that electricity will cost on Friday in the wholesale market will double the first records of July and August
High voltage towers and power lines in the Ensanche de Vallecas.Javi Martinez WORLD
The price of electricity in the wholesale market continues to break records and if to start October, with an average price of 216.01 euros on the 1st, for the first time in history above 200 euros. This escalation has been so dizzying that the amount supposes an increase of more than 100% compared to the already distant 106.57 euros of July 21.
That Wednesday in July a record that was almost 20 years old was broken, the one established on January 11, 2002. Those 103.76 euros that were paid then not only had not been exceeded in about two decades, but until this same 2021 electricity had never been returned to the average 100 euros per megawatt hour. Since July 20 (101.82 euros) it has already passed 57 times, which include 24 days in August and 30 in September.
Thus, the 216.01 euros on Friday will double the figures that were marked at the beginning of summer. By then electricity was already skyrocketing, with prices much higher than the same periods of other years, but without this succession of records. In the last three months it has been beaten 18 times.
Throughout the day, the price per megawatt hour will not fall below the 198.77 euros that it will cost in the sections corresponding to 3:00 p.m., 4:00 p.m. and 5:00 p.m. The maximum, 230 euros, will be marked in two sections: 9:00 p.m. and 10:00 p.m.
After August closed with an average price of 105.94 euros, September shot up to 156.14 on average, representing an increase of 47.38%. The month was chosen by the Government to present its package of measures aimed at lightening the bill and leaving it at the end of the year at a similar level to the one that ended 2018. According to the Executive’s calculations, 2021 should end with about 600 euros paid on average in electricity.
To do this, the extraordinary profits obtained by the electricity companies will be injected into the system for the costs of CO2 emission and a temporary cap will be established on the price of gas. In this way, companies will temporarily finance the difference between what the price will increase if measures are not applied and what will actually increase with them.
Likewise, several of the taxes and additional costs present in the bill -the cost of the electricity itself only accounts for around 40% of it- and the figure of the minimum vital supply is introduced, which will be included in the electricity sector law and is defined as a power of comfort conditions basic (3.5 kilowatts).
In presenting these measures, the Government made an effort to separate them from the price in the wholesale market, as it is expected to continue rising in the coming months, in which it is to be expected that the records will continue to occur. The situation may not improve until April and, in any case, the sector fears that it will not return to pre-crisis levels until 2023.
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