The electricity will fall 7% tomorrow to mark its lowest price of the month By EFE

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La luz caerá mañana un 7 % hasta marcar su precio más bajo del mes


©Reuters. Electricity will fall 7% tomorrow to mark its lowest price of the month

Madrid, May 7 (.).- The price of electricity in the wholesale market (pool) has been set for tomorrow, May 8, at 172.39 euros per megawatt hour (), which represents a decrease of nearly 7% compared to the value set for this Saturday, which will be its lowest price so far this month.

According to data from the Iberian Electricity Market Operator (OMIE), the maximum price tomorrow will be recorded between 9:00 p.m. and 10:00 p.m., when it will be 238.35, while the minimum will reach 93.26 at 3:00 p.m. :00 and 16:00.

Thus, the price for tomorrow, Sunday, the day of the week when economic activity decreases and energy demand is lower, will be the lowest so far this month, and the cheapest since last April 24, when the electricity was paid at 146.95.

Despite this fall, the second in a row, the price of electricity will be 17 times higher compared to the amount it marked during the second Sunday of May of the previous year (10.53 euros), although it still remains 16% below compared to the figures of last February 24, when the Russian invasion of Ukraine began.

So far this month, the average price of electricity has reached 188.62, almost 100 euros below the average registered during March (283.3), the most expensive in history to date, although it almost doubles the price of 2021, which was crowned as the most burdensome year in the historical series with 111.4.

Wholesale market prices have a direct impact on the regulated tariff or PVPC, to which almost 11 million consumers in Spain are covered, and serve as a reference for the other 17 million who contract their supply on the free market.

In this sense, the Russian invasion of Ukraine is causing tensions in the energy market, especially in the case of gas, due to the risk that Russian imports to Europe will be slowed down by the sanctions imposed by the European Union.

The Government has approved a national plan to respond to the economic and social consequences of the situation in Ukraine, which includes the extension of the tax reduction on taxes levied on electricity bills until June 30, and the extension of the electricity social bonus until reaching 1.9 million beneficiary households.

In addition, the European Council recognized the difficulty of Spain and Portugal in coping with high energy prices, which will allow both countries to benefit from “special treatment” in their response, which involves setting a maximum price for gas that is used to generate electricity.

In this sense, the European Commission has agreed to initially establish this limit at 40 over the next twelve months, to stabilize at around 50 euros on average throughout the period, thus lowering the cost of electricity for Iberian consumers, a reduction that consumers will notice from this month.

As for the rest of the European countries, in the United Kingdom the megawatt hour will be paid tomorrow at an average of 141.79 pounds (about 166 euros), while in Germany it will be paid at 171.82 euros; in France, at 175 euros; in Italy, at 208.85 euros; and in Portugal, which shares a market with Spain, although prices are sometimes decoupled due to differences in production, at 174.09 euros.

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