The light will reach € 230 / MWh at 10 pm this Friday and will mark its hourly record

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The price of electricity in the wholesale market is unstoppable and we witness a record practically every day. In fact, October opens with another historic rise and the highest price peak in any time slot. Specifically, it will be at 10:00 p.m. and will reach 230 euros / MWh.

The average of the day will be about 216.01 euros / MWh thus rising more than 25 euros compared to yesterday, when it reached 189 euros / MWh. In this way, for the first time, the price of electricity is above 200 euros. In this way, it sprays the 189 euros on Wednesday and Thursday, and not only breaks the barrier of 180 euros, but also the 200.

If we compare it with the cost of electricity just a year ago (41.48 euros), the rise is 420.76%, that is, it has multiplied by more than five. Compared to a week ago, when the price of electricity in the Spanish wholesale market was 172.97 euros / MWh, the price increase is 24.88%.

This new increase in light occurs in the midst of the price rise of all energy-related raw materials around the world, such as gas, oil and coal, which at the same time triggers CO2 rights, also at all-time highs.

On the contrary, for this Friday the minimum will be between 5:00 p.m. and 6:00 p.m., which will be 180 euros / MWh.

Government measures

Despite these prices, the Government has already approved a shock plan which will temporarily contain these increases, by lowering taxes and reducing some extraordinary income from electricity companies, so it will not be reflected in consumer bills.

The reduction of the VAT to 10%, the suspension of the 7% tax on electricity generation, the discount of the electricity tax to 0.5%, are some of the measures undertaken by the Spanish Government. But, also, the expected contribution of 2,600 million euros by the electricity companies from the so-called ‘profits fallen from the sky’

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