Frantic August in the electricity market.

The price of electricity does not give respite and this Monday will mark a new record with an average cost of a megawatt hour of

124.45 euros

for the whole of the day.

It is the seventh historical record that has been reached so far this month, with a totally runaway market that will significantly increase the bill for millions of homes and companies.

The new record will coincide with the appearance in the Congress of Deputies of the Vice President of Ecological Transition,

Teresa Ribera

, to give an account of the reasons behind the rise and explain the measures that the Government is analyzing to mitigate its impact. The last one approved was the temporary reduction of the VAT receipt from 21% to 10%, but that has been two months and the very rise in energy prices during the months of July and August has rendered the tax relief ineffective.

The lack of action since then by Ribera and his team has strained relations with Podemos, which in recent weeks has launched ideas ranging from the creation of a public company to the intervention of the market price charged by nuclear and hydraulic plants for try to placate the rise in the market.

Ribera has ignored these proposals, alluding to a lack of analysis, and so far entrusts its action to the introduction of more renewables and the reduction of some charges that fall on the bill by transferring them to other fuels.

In any case, these are measures that are not of immediate action as they involve investments, in the first case, and a parliamentary procedure in the second.

The tension over the bill has already been transferred to Parliament itself, where several political groups that were key in the investiture of

Pedro Sánchez

as president demand the immediate opening of an investigation commission to clarify the increase in the receipt and take measures to remedy it. The movement is promoted by

Compromís and Mas País,

but other groups such as

ERC or Nuevas Canarias

have already announced their support. In practice, it means taking control of the crisis from Ribera so that Congress can take the lead.

The Government has even tried to shield itself from the impact of the crisis, alluding to the "international factors" linked to its origin, among them the very high world price of gas and the higher cost of the rights paid by companies - including electricity companies - for their CO2 emissions.

However, the price of energy in Spain is well above that recorded by other economic powers on the continent such as

France and Germany,

which poses a threat to the competitiveness of the country in full economic recovery after the hit of the pandemic.

According to the criteria of The Trust Project

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