tomorrow afternoon it will be paid at €700/MWh

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The war in Ukraine is already noticeable in Spain. The price of electricity has smashed all price records and tomorrow, March 8, it will be paid at an average of 544 euros per megawatt hour. That is the average, since if we look at the afternoon slot at 8:00 p.m., the price will reach a maximum of €700/MWh. Absolutely crazy prices.

The Electricity Market Operator (OMIE) describes a bleak picture for all users who are covered by the PVPC rate. If already at the beginning of the year we recommended that all users subject to daily energy prices change their rate; right now users who continue with a PVPC rate will see their electricity bill skyrocket to levels never seen before.

The PVPC no longer compensates: why electricity companies offer electricity rates at a cheaper price than what it costs in the market

Electricity Price

With a negotiated energy of 418 GWh, tomorrow’s market is not particularly delicate in terms of consumption. At the moment we are not facing a strong storm, but it is enough to depend on a gas that sets the market price and is currently at a heart attack price.

Gas has skyrocketed due to the conflict in Ukraine and Russia. To such an extent that during today, the Dutch TTF index has reached a gas price of 340 euros. An outrage considering that the average of the last 10 years is that the price of gas was not above 30-40 euros. This crazy price of gas is directly responsible for the fact that tomorrow we are going to have such a high electricity price.

Gas Price

Burn coal, buy from Algeria, methane tankers: how Europe can reduce its dependence on Russia

Nadia Calviño, Vice President of Economic Affairs, explained that “the main impact of the war on our economy is the rise in energy prices” and proposes working with social agents to protect the purchasing power of wages against this runaway inflation.

This week the leaders of the European Union will discuss a measure that countries like Spain have been proposing for some time and until recently seemed taboo: delinking the price of gas from the price of energy. Charles Michael, President of the European Council, has confirmed that they could commission “an adaptation”. The extreme situation with the energy market requires some far-reaching measure.

Image | Hush Naidoo

The war in Ukraine is already noticeable in Spain. The price of electricity has smashed all price records and tomorrow,…

The war in Ukraine is already noticeable in Spain. The price of electricity has smashed all price records and tomorrow,…

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