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The maximum price will be given between 8:00 p.m. and 9:00 p.m., and the minimum, between 2:00 p.m. and 3:00 p.m.
The average price of electricity in the wholesale market will drop this Saturday by 13.54%, to 246.05 euros per megawatt/hour (MWh), which is why it moves away for the fourth consecutive day from the historical maximum registered on March 8, when the €544.98/MWh within the framework of the upward spiral of natural gas due to the impact of the war in Ukraine. In an interview with EL PERIÓDICO, the Third Vice President and Minister of Economic Transition, Theresa Riverahas announced that the Government plans to unlink electricity and gas prices in April.
Specifically, the average price of the ‘pool’ for this Saturday will be 38.53 euros less than 284.58 euros/MWh today, according to data published by the Iberian Energy Market Operator (OMIE) collected by Europa Press. However, it must also be taken into account that prices tend to drop at the weekend due to the drop in demand.
By time slots, the maximum price of electricity for this Saturday will be between 8:00 p.m. and 9:00 p.m.with 292.91 euros/MWh, while the minimum, of 195.15 euros/MWh, will be recorded between 2:00 p.m. and 3:00 p.m..
The prices of the ‘pool’ have a direct impact on the regulated rate –the so-called PVPC–, to which almost 11 million consumers in the countryand serve as a reference for the other 17 million who have contracted their supply on the free market.
Pre-invasion levels
With tomorrow’s drop, the average price of the ‘pool’ accumulates four consecutive days of descents and recovers levels similar to those registered before the Russian invasion of Ukraine, which began on February 24.
Before that date, the maximum annual price was recorded on January 17, when the average price of the ‘pool’ stood at 244.67. However, it is also true that in February and before the invasion the price of electricity did not exceed 211 euros/MWh.
In that sense, the natural gas futures contracts traded on the Dutch platform TTF came to be listed this Friday at 140.5 euros/MWh, although they have moderated later and have fallen to 134 euros. These figures are far and increasingly away from those of Monday of this week, when first thing in the morning the 345 euros were touched.
38 euros more for the war
Along these lines, the day before the Russian invasion of Ukraine, the price of gas in Spain was quoted below €80/MWhwhile today is in €118/MWh, according to data from the Iberian Gas Market (Mibgas). In this way, today’s record represents a reduction of 18% compared to the price of the previous day (143.9 euros/MWh) and a cut of 45% compared to 214.36 euros/MWh on March 8 .
Compared to just a year ago, the price of the ‘pool’ for this Saturday will be 512.67% higher at 40.16 euros/MWh on March 12, 2021. That is, it will be more than six times more expensive than a year ago.
March, the most expensive month in history
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Despite the price moderation in the last four days, the average price of a megawatt per hour in the wholesale market so far in March stands at 358.45 euros, that is, almost 120 euros more than the average for December of 2021, the most expensive month in history so far with 239 euros on average.
Electricity closed 2021 as the most expensive year in the historical series, with an average price of 111.93 euros/MWh due to the upward spiral registered in the pool in the second half. However, so far in 2022 the average price is around 227.64 euros, more than double that of the previous year.