Electricity fell to lowest price of 2022 for sixth day on Monday
- Posted on June 16, 2022
Electricity prices in the wholesale market fell by more than 7% to €103.24 per MWh.
Electricity prices in the wholesale market fell more than 7 percent on Monday to 103.24 euros per megawatt-hour (EUR/MWh), the lowest level this year.
Despite falling for the sixth time in a row, electricity prices are almost double what they were a year ago (64.54 euros), albeit compared to the February 24 Russian invasion of Ukraine last year.
In addition, this Monday’s electricity price was the lowest since December 27 last year, when it reached €96.08/MWh.
By time period, the highest price recorded between 9:00pm and 10:00pm was €219.69/MWh, while the lowest price between 2:00pm and 3:00pm was €45/MWh.
Electricity prices reached an average of €202.11/MWh in the first 18 days of April, 29% lower than the all-time most expensive month of €283.3/MWh in March, and almost double the average price in 2021 (€111.4/MWh). is the highest level ever recorded.
The costs of the wholesale market have a direct impact on regulated tariffs or PVPC, affecting nearly 11 million consumers in Spain and providing a reference for the other 17 million who contract for supply on the free market.
The government recently approved a national plan to deal with the economic and social consequences of the war in Ukraine, which includes an extension of a tax cut on electricity bills until June 30 and an extension of the electricity social dividend to 1.9 million beneficiary households.
In addition, the European Council has recognized Spain and Portugal’s difficulties in coping with high energy prices, which will allow both countries to benefit from “special treatment” in their response, including setting a maximum price for natural gas used in production. Electricity.
In this sense, the two countries have proposed to the European Commission that this limit should be set at €30/MWh, which would halve electricity bills, according to the Government’s Third Vice-President and Minister for Ecological Transition and Population Challenge, Terre. The banks of the Sha River.
Electricity prices in the wholesale market fell by more than 7% to €103.24 per MWh.