Electricity price today, April 8: these are the cheapest hours

The electricity price in the wholesale market this has collapsed friday 28% down to 154.7 euros per megawatt hour (euros/MWh), its lowest price since the Russian invasion of Ukraine began.

Despite this new decrease, the third in a row, the price of electricity doubles the amount it marked just one year ago (69.62 euros), although it is more than 25% below the figures for February 24, chen the war began in Ukraine.

In addition, this Friday’s price will be the lowest since last February 19, when electricity was paid at 137.76 euros/MWh, and is 72% lower compared to the record of 544.98 euros/MWh registered last March 8.

In the first eight days of April, the price of electricity stands at an average of 227.44 euros/MWh, 20% below the value of March, the most expensive month in history with 283.3 euros/MWh, and doubles the average price of 2021 (111.4 euros/MWh), the highest since there are records.

By time slots, the price maximum will be recorded between 9:00 p.m. and 10:00 p.m.with 252.08 euros/MWh, while the minimum will be 7 euros/MWh between the 3:00 p.m. and 5:00 p.m.

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

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The Government has included in the macro-decree of measures against the economic impact of the war an early review of the remuneration received by part of renewable energies and that has skyrocketed with extra income as a result of the rise in electricity prices. The President Pedro Sanchez adventure that the revision will allow rescue 1,800 million euros this year and use them to lower even more and immediately the charges that are included in the electricity bill, which will translate into a reduction in the bill. A discount that will translate into a cut of 6 euros in the electricity bill of an average consumer each month, according to estimates by the Executive.

Spain will present this week together with Portugal a proposal to the European Commission to intervene in the electricity market, establishing a cap on the price of gas used to produce electricity (around 30 euros per megawatt hour), including the difference in the real cost of gas plants as the cost of the electricity system and setting a double price with a price different for the electricity that is sold to France through the interconnections. The Executive anticipates that Brussels will take time to rule on this proposal, and until then this reform could not be applied and it will not be noticed in the electricity bill of homes and companies with a substantial reduction.

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