This Friday’s electricity in Spain will be 443% more than last December

This Friday’s electricity in Spain will be 443% more than last December

The average price of electricity in the wholesale market, or ‘pool’, will reach €309.20KW/h tomorrow, Friday, December 17. In what has become a regular daily report, this marks the third consecutive day that the price has broken the €300 barrier. Today, Thursday 16 sees energy prices reach €302.48.

These are record historical prices in Spain, and only a few days ago the government assured measures would be taken in January to combat the spiralling costs. That of course, remains to be soon.

Prices had looked to be stabilising last week, but this week, they have surged again, finally breaking that €300 mark. Today’s price is an incredible 48 per cent more than last Thursday. It is FIVE times more than this date in 2020, increasing by a mind-boggling 443 per cent.

According to the data published by the Iberian Energy Market Operator (OMIE), today’s electricity will go from a low of €250, up to €350, such is the recently seen fluctuation each day. These prices in the ‘pool’ have a direct impact on the regulated tariff -the so-called PVPC, to which almost 11 million consumers in the country are connected, and serves as a reference for the other 17 million who have contracted their supply in the free market.

Inflated prices in recent months have been put down to high gas prices in the markets, along with carbon dioxide (CO2) emission rights, which both stand at record highs this year. If December prices continue in the current trend then it will overtake last October as the most expensive in history.

According to an analysis by Facua-Consumidores en Accion – an NGO consumer’s association – if the same rates were maintained for the rest of the month, the final invoice of the year would be around €134.45 for the average user. That would be 94.1 per cent more than the €69.28 average for December 2020.

The average user’s bill so far this year has increased by 15.1 per cent compared to 2018. Compared to €77.18 three years ago, the average monthly bill now reaches €90.87. However, the Government continues to insist that this year, households will end up paying the same as in 2018.

Ruben Sanchez, the general secretary of Facua, commented, “The electricity bill for December would have to be negative for President Sanchez and Minister Ribera to fulfill their promise that this year consumers will pay the same as in 2018 once the CPI has been discounted”.

Adding, “Thus, for that objective to be reached, the average user would have to receive an invoice in which his company would return €12 euros at the end of this month”, as reported by larazon.com.

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