The price of light shoots today at its fifth consecutive historical record

The average price of light in the wholesale market will again touch this Friday new historical maximums for fifth consecutive day, with an average price of 117.

The price of light shoots today at its fifth consecutive historical record

The average price of light in the wholesale market will again touch this Friday new historical maximums for fifth consecutive day, with an average price of 117.29 euros the megawatt hour (MWh), assembling the record reached this Thursday of 115,83 euros

Since Monday, historical records come by day after the price of light, now coinciding with the heat wave that, from this Wednesday and until next week, it will whip the country, with some of the higher temperatures ever registered in Spain.

This context of climate change is also one of the main causes of the continuous rise in energy prices, since it responds to the emission rights of carbon dioxide (CO2), seeking the transition towards a renewable energy model.

Last year by these dates, the average price was 40 euros, so the rise is 190%, that is, the price of this Thursday will almost triple the registrar exactly one year, according to Omie data.

The 'Pool' Electric will register for this Friday, August 13, an average price of 117.29 euros / MWh, exceeding all levels of July and even the peaks of this August, month that has already marked eight historical maximums.

The price will be at all times above 100 euros / MWh, marking its daily maximum from 9:00 pm until 10:00 p.m. (128.54 euros / MWh). The minimum will be given between 04.00 and 05.00 (101.52 euros).

The price of light thus continues in this August boot with the tension lived throughout July, which led to close with an average of 92.42 euros / MWh, which represents the highest level of history and a 166.8% above the same month of last year.

In addition, so far in August, the 'Pool' has already registered eight new records, including five days this week. On Monday, Tuesday and Wednesday last week, the other historical record prior to those of this week were recorded.

This increase in the price of the electricity market is motivated by the high prices of the rights of emission and the increase in natural gas.

Specifically, the emission rights have been incurred until they overcome in this August 54 euros per ton, when at the beginning of the year they were listed around 33 euros. Meanwhoking, the price of natural gas is up to 41.7 euros per MWh, according to MIBGA data.

The price of energy has a nearby weight on the invoice of around 24%, while around 50-55% corresponds to tolls - the cost of transport and distribution networks - and charges - cost-associated costs Of the renewables, the extrapeninsulars and the annuities of the rate deficit - and the rest, on taxes.

The oscillations in the daily price affect consumers welcomed at the regulated rate (PVPC), something more than 10 million, while they are exempt by those in the free market - a 17 million, as they have a precipated price with your company.

According to experts from the sector, 88% of Spain's electricity consumption is not exposed to the volatility of the price of the market 'spot', having contracts with fixed prices, as well as exposed to it the customers welcomed to the PVPC.

The receipt of the light of an average user has been increasing 36.2% in July with respect to the same month of last year, standing at 85.34 euros, according to facu-consumers data.

VAT drop to 10% until December while the average price of the megawatt hour is above 45 euros cushion the rise at 8.54 euros. If 21% continue to be applied, the receipt would have beat all records, reached 93.88 euros, according to the calculations of the Association.

On June 24, the Government approved a Royal Decree-Law by urgency to reduce taxes that apply to the supply of electricity and, thereby, the invoice of light of households, autonomous, SMEs and the set of Companies, which pose the Light VAT drop of 21% to 10% until the end of this year and the 7% tax suspension to electricity generation for three months.

In the specific case of VAT, a 10% drop was applied until the end of the year for all consumers hired up to 10 kilowatts (KW), provided that the average monthly price of the wholesale electricity market is above 45 euros by megawatio hour (MWh).

With regard to the suspension of 7% of the tax on the production value of electricity, which already in 2018 decided its temporary suspension for six months to contain another bullish wave in the price of light, will be valid during the Third quarter of this year.

Updated Date: 13 August 2021, 02:15

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