The crisis unleashed by the price of light since last summer does not yield and strength to the government to look beyond this year to advance measures that amimen their impact on the economy. Vice-Chairperson Teresa Ribera has agreed today after the Council of Ministers that the government shuffle new measures, some of a fiscal nature, to continue mitigating the strong increase in energy in the wholesale markets foreseen for the first quarter of 2022.
The reduction of the VAT to electricity from 21% to 10% announced last July until the end of the year and the temporal suppression of the 8% electricity generation tax during the third quarter have been insufficient to contain the impact of the crisis on Domestic economies. The Government clings to its promise that the average household bill will not be higher than that of 2018, although this data will not be able to prove until well entered next year and will obey an average of 10 million households subject to tariff Regulated (which they will pay more) and 16 million free market rate.
In any case, the light will beat this historic record on Wednesday by exceeding 291 euros per megawatt hour. The Registry exceeds the established in mid-October and occurs at the gates of the peak of Christmas consumption, breaking all the forecasts of the Government and making it almost impossible to fulfill the promise of President Pedro Sánchez that the Spaniards will pay the same price for electricity that in 2018.
The most affected by the new marketing of the market will be the 11 million consumers welcomed to the regulated rate or voluntary price for the small consumer (PVPC), whose receipt is indexed directly to the volatile and expensive wholesale electricity market.
The new price record occurs in a high demand context, driven by the recovery of economic activity and the slightest duration of the days, and problems in the supply of energy, with the cost of natural gas by the clouds worldwide , CO2 emission rights at record levels and the lowest supply of renewables.
Translated into domestic receipt, the cost of energy would be 0.3 euros for each kilowatt time consumed at that time of day, amount to which the regulated charges should then be added - which the executive has reduced hard to compensate for the cost Energy - and a VAT of 10%. A medium home consumes every day in Spain around 10 kilowatts hour, although this varies a lot depending on the size of the house, its number of members, the hours pass up there or the energy efficiency of the property.
December is being a month marked by a great volatility, with falls in the average of a few days to the surroundings of the 100 euros / MWh and with certain rebounds that far outweigh the 200 euros / MWh. In fact, so far this month, the average is already situated at 221.06 euros / MWh, with what, to continue like this, it would exceed the over October, which was the most expensive month in history.
Despite this rebound, Teresa Ribera has reiterated today that households will pay "as a whole" the same by light than in 2018, although it has not explained or detailed the figures that handle in the executive to sustain this calculation. In any case, the Vice President of Ecological Transition explained that the Government works on new measures to continue mitigating the strong increase in energy in the wholesale markets foreseen for the first quarter of 2022.
Ribera has pointed out that high energy prices are not limited to Spain and has enumerated a long list of European countries where tomorrow the cost of megawatter will be higher than that registered in the Iberian Peninsula. In this regard and as it is a common problem in Europe, the Vice-Chairperson has alluded to the measures he plans to present tomorrow the European Commission to alleviate the price crisis, among which is the collective purchase of gas at a continental level to improve the Negotiation power in front of the producing countries.
Ribera has appeared at a subsequent press conference to the Council of Ministers to present the belongation of renewable energy and hydrogen, an ambitious investment plan financed by the European funds that provides for all of 16,000 million to promote the ecological transition in Spain and the change of the Energy model This program will be key, has indicated the vice president, to reduce dependence on the country of hydrocarbons and strong volatility at its price.Updated Date: 14 December 2021, 10:25