The price of electricity gives a break tomorrow, but is still near highs

The average price of electricity in the wholesale market will give a small respite this Thursday with a drop of 1.7% compared to Wednesday, although it will continue close to the levels reached in January by the storm Filomena.

Specifically, according to data from the electricity market operator (OMIE), it will stand at 93 euros per megawatt hour (MWh), compared to 94.63 euros per MWh on Wednesday. The increase in the price of electricity so far in June is mainly based on the increase in gas prices and CO2 rights, which exceed 51 euros per ton, doubling their value a year ago.

This increased cost of combined cycle production due to CO2 rights, together with a lower contribution from renewables and nuclear -with some plants under maintenance-, together with the increase in demand due to high temperatures, leads to this upward spiral in the price, they pointed to Europa Press in industry sources.

The price of energy has a weight in the bill close to 24%, while around 50-55% corresponds to tolls [el coste de las redes de transporte y distribución] and charges [los costes asociados al fomento de las renovables, a las extrapeninsulares y las anualidades del déficit de tarifa] and just over 21% to taxes.

The fluctuations in the daily price affect consumers covered by the regulated tariff (PVPC), just over 10 million, while those in the free market are exempt -about 17 million-, since they have an agreed price with your company.

In June, the new electricity bill with three sections of hourly discrimination, which causes the prices of tolls and charges to be different between the periods, both for power and energy.

According to data from Facua-Consumidores en Acción, the electricity bill of an average user has shot up 45.4% in the first half of June. In this way, if the prices applied from June 1 to 15 are extrapolated to a full month, the average user’s bill would suffer a year-on-year increase of 27.53 euros and would stand at 88.11 euros (including taxes).

If this trend continues, June points to the second most expensive bill in history, with only 88.66 euros ahead of the first quarter of 2012. This Wednesday, the fourth vice president for the Ecological Transition and the Demographic Challenge, Teresa Ribera, has anticipated that “probably” the Government will temporarily lower the taxation applied to electricity, suspending some of its taxes, to lower the bill, in line with what has been done on other occasions.

Shortly after arriving at the Government, in 2018, Ribera decided to suspend the application of the Tax on the generation of electricity of 7% that companies pay to promote a reduction in the bill on dates in which there was an escalation in prices.

“It is not ruled out that we have to go back to doing what we already did at the time, the suspension of some fiscal elements on an exceptional and provisional basis,” said Ribera, without specifically mentioning any tax rate.

Likewise, during an interpellation led by the PP in the control session to the Government in the Plenary of Congress, Ribera has advanced that in the coming weeks the Executive will increase the budgetary credit planned to compensate the industry for the increase in CO2 costs in about 100 million euros.

The head of Ecological Transition has defended the need for “an in-depth review” of the taxation associated with it to favor electrification, efficiency and a “fair” distribution of costs, associated with the review that will be proposed by the new European directive .

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