The light goes back to the doors of the great peak of Christmas consumption

The price of light goes back to the doors of the great peak of winter consumption by households and companies. After seven months of almost no truce uploads,

The light goes back to the doors of the great peak of Christmas consumption

The price of light goes back to the doors of the great peak of winter consumption by households and companies. After seven months of almost no truce uploads, the cost of the megawatt hour (MWh) in the wholesale market anticipates a final dealer in the last month of the year and at the beginning of 2022, when traditionally the time of light demand is produced at Match the arrival of the cold with the shorter days of the year. In the sector they fear that this new price rebound translates into another regulatory intervention by the Government before it ended 2021, so they are entrusted that a rain and wind temporary would shoot the cheap renewable energy supply and contain the Climb linked to the high price of gas.

For now, the month of December has torn off with the market through the clouds. The cost of the MWh has added 17 consecutive days above 200 euros and the average of the month exceeds 204 euros. This new streak has left short of 15 consecutive days above 200 euros registered last October, month that passed to the records as the most expensive in history with a cost of 199.9 euros per megawatt hour.

With these figures, the December price would be 2.5% above historical maximum and investors do not believe that the situation will improve in the coming weeks, but rather quite the opposite. According to its calculations, reflected in futures markets, the new episode of trickered prices offers costs for MWh over 245 euros in the last three weeks of the year, 240 euros in January and 236 in February. From there, being foreseen a progressive relaxation until reaching an average of 194 euros in March and then down with force up to 130 euros in April.

The new increase in energy cost is a terrible news for the 11 million domestic consumers welcomed to the voluntary price for the small consumer (PVPC), since the regulated tariff is indexed to wholesale market behavior. The repercussion on your invoice will be direct, while other consumers with fixed prices on their invoices will not suffer the blow until the review of their contracts.

The other great consequence of the Christmas increment of receipt will be its impact on the IPC, which already closed November at its maximum level of 29 years after reaching 5.6%. The impact in December will be even greater in relation to the electrical component, since the cost of energy the same month of the previous year was four times lower.

The energy sector fears that the new christmas increase in prices will take the government to take further regulatory measures to reduce the invoice before the end of the year. Especially if he really aspires to fulfill the promise of President Pedro Sánchez that Spaniards pay the same by light at the end of 2021 than in 2018.

So far, the Government has approved a strong tax drop that taxes the invoice, reducing VAT from 21 to 10% and almost suppressing the special tax on electricity. The foreseeable thing is that both measures are extended at least during the first quarter of the year coinciding with the maintenance of high prices.

Second, the Vice President of Ecological Transition, Teresa Ribera, led to the Council of Ministers a strong temporary reduction of the charges that finance the regulated costs of the system to alleviate the final invoice paid by the consumer. The volume of the trimming is around 2,500 million euros, a figure that at first was to fall on the income statement of the country's largest electricity. However, the threat of these groups with impact on their industrial customers and the warnings of international investment funds on regulatory uncertainty in Spain forced the government to limit the hax and now nobody knows in the sector who is going to pay the bill.

Business sources bet that the drop in tolls will be charged on the debt of the system, which would imply postpone the payment of the receipt as it has been done with the case of gas. Ribera does not want to re-star on a rectification like the one he had to give with the blow to the electric, and during the months of October and November he maintained several meetings with all the affected parts in search of a consensus solution. However, these meetings ended without agreement and ecological transition, keep silence on their plans, whose approval will depend on how the price of light evolves before the end of the year.

Date Of Update: 08 December 2021, 11:37

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