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ARCHIVED - Price of electricity in Spain soars 27 per cent in the midst of the cold snap
2021 begins with a significant rise in the price of electricity and a MWh could cost more than 100 euros in certain time slots!
The cold weather across Europe and Asia, together with enforced confinements due to coronavirus, has pushed up demand and prices.
More than 300 roads have been closed, schools shut down and travellers advised to stay at home, with storm Filomena blanketing Spain with snow and ice. Millions of Spaniards are hunkered down at home, with the heating on full, cooking, watching TV….and consuming huge amounts of energy.
As a result, the price of electricity has shot up by 27% at the start of 2021, with the regulated rate (PVPC) reaching 16.81 cents per kilowatt hour (kWh), compared to the price of 13.24 cents in the same period of 2020, according to data from Facua-Consumidores en Acción.
Based on data for the first seven days of the year, the average user's electricity bill would cost 80.71 euros this year, which represents an increase of 19.3% over the 67.67 euros on the same dates last year.
This analysis is based on an average consumption of 366 kilowatt hours (kWh) per month and with a contracted power of 4.4 kW, the organization points out.
MWh prices above 100 euros
Due to the huge surge in demand from storm Filomena, the price of electricity this Thursday on the wholesale market stands at an average of 88.93 euros per megawatt hour (MWh), a figure that is double the average. In fact, according to data from the Electric Market Operator (Omie), the price will exceed 100 euros per MWh in practically half of the time slots, with a peak of 108.97 euros per MWh between 8:00 p.m. and 9:00 p.m.
The high cost of gas at the moment, low solar and alternative energy production and high demand are the main reasons behind these price increases. But what is happening with electricity prices at the moment is nothing new and the price of electricity has fluctuated considerably in the past based on not only demand, but also market conditions and the weather.
At the moment the behavior of the price of gas derivatives in international markets is behind a large part of this price increase. Sources in the energy sector point out that there are reductions in gas supply from Algeria, Spain's main supplier. In addition, the cold wave in Asia is triggering demand there with record prices, so it is more expensive to transport gas to the Spanish mainland.
All these factors have a direct impact on the electricity bill of consumers, although not on the bills of all consumers nor in the same proportion. Those who will be directly affected will be those households that have contracted the regulated rate (Small Consumer Sales Price -PVPC-) which represent approximately 40% of the more than 26 million dwellings in Spain. In these cases, the price paid for each kilowatt hour (kwh) depends on the evolution of the electricity cost in the wholesale market. So when those prices drop, your bill drops. And vice versa. In situations such as today, the price goes up.
In the case of free rates, the same price is paid throughout the year, whether the costs go up or down. Another characteristic of this rate is that it varies depending on each section of the day. Between 8:00 p.m. and 11:00 p.m. is the most expensive segment. On the contrary, first thing in the morning and at noon it is the cheapest to be able to take advantage of an intensive use of appliances.
The cost of electricity in 2020 was the lowest in the last 15 years, in this case also due to the coronavirus crisis. The average price of electricity in the wholesale market (where producers negotiate daily) was 34 euros / Mwh. It was 30% lower than the almost 48 euros / Mwh paid in 2019.
Price rise in the natural gas market as well
The pressure on prices in the gas market is also contributing to this. According to Mibgas data, the price reached 38.9 euros per MWh this Thursday, 22.4% higher than the pervious day.
According to Facua data, the average user's bill has not exceeded 80 euros since December 2018 as gas prices have been very stable. Last month, the bill experienced its first year-on-year increase after 19 consecutive months of falls. The increase was 7.2% for the average user. So a monthly bill with an average kWh rate in December 2020 was 69.28 euros, compared to 64.62 euros in December 2019.
So be aware that during this cold snap, the cost of using high-draw electrical appliances will be considerably higher than normal for most of us, so pile up the washing, don´t use the dryer unless absolutely necessary and leave the ironing until the weather warms up again!
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