The price of electricity will smash all records this Monday

, standing at

442.54 euros per megawatt hour

(MWh), which represents an increase of

more than 17%

compared to the value set for this Sunday in the wholesale market (pool) until reach what will be its highest price since records exist.

According to data from the Iberian Electricity Market Operator (OMIE), the maximum price tomorrow will be recorded

between 7:00 p.m. and 8:00 p.m.

, when it will be

500 euros/MWh

, while the minimum will be 379 .02 euros/MWh between 23:00 and 00:00 at night.

Tomorrow's price will be

the most expensive in history

, exceeding the 383.67 euros/MWh registered on December 23 -maximum until now- and the 379.03 euros/MWh that electricity marks this Sunday, according to Efe .

After this new rise, which occurs in the midst of Russia's military offensive on Ukraine,

the price of electricity will multiply by ten the amount registered just one year ago

, when it was paid at 47.05 euros/MWh, and is

115% higher that when the war began

, on February 24.

In addition, the price for this Sunday will exceed 400 euros/MWh, a value that has never been reached before in the wholesale market.

So far this

month

, the average price of electricity stands at

340.43 euros/MWh

, more than 100 euros above the average registered during the month of December (239.22 euros/MWh), the most expensive from history to date.

11 million households directly affected

The March average also triples the price of 2021

, which was crowned the most expensive year in the historical series with 111.4 euros/MWh, more than triple the previous year.

The prices registered in the wholesale market have a direct impact on the

regulated tariff or PVPC

, to which almost

11 million consumers in Spain are covered,

and serves as a reference for the other 17 million who contract their supply in the free market.

In this sense, the military conflict between Russia and Ukraine could cause an

even higher rise in energy prices in the coming weeks,

especially in the case of

gas

, due to the risk that Russian imports to Europe will be slowed down by sanctions imposed by the European Union.

To cushion the impact that the rise in electricity prices is having on consumers, the Government has extended the

tax reduction on taxes levied on the electricity bill

(VAT, electricity tax and tax on electricity generation) until 30 of June.

As for the rest of the European countries, in the

United Kingdom

the megawatt hour will be paid tomorrow at an average of 365.79 pounds (about 442 euros), while in

Germany

it will be paid at 410.1 euros;

in

France

, at 421.05 euros;

in

Italy

, at 453.51 euros;

and in

Portugal

, at the same price as in Spain by sharing the market.

Conforms to The Trust Project criteria

Know more

  • Russia

  • Ukraine

  • Europe

  • European Union

  • electricity bill

CataloniaFoment del Treball demands that Europe seek energy sovereignty through Spain as a response to Russia

Diary of the invasion of Ukraine The war according to Zelensky, the 'Churchill' of Kiev: "Pain, blood, dirt and death"

War in Europe Julissa Reynoso, US ambassador in Madrid: "Spain can play an important role in energy security in Europe"

See links of interest

  • Last News

  • When does the 2021 Income start?

  • Income 2021

  • Work calendar 2022

  • Economy Podcast

  • Rome - Atalanta

  • Tenerife - Real Valladolid

  • Valencia CF - Granada CF

  • Liverpool-West Ham United

  • VfB Stuttgart - Borussia Monchengladbach

Keywords: