Good news for him price of light in Spain. This Sunday, March 3, the wholesale electricity price will close the week at €4.53 per megawatt-hour (MWh), the lowest since records began. A breath of fresh air in the face of concerns about rising energy bills, with Pedro Sánchez deciding not to extend the VAT (value added tax) cut and consequently returning to 21% as of last Friday. We will inform you the exact time when tomorrow you will be able to use the light completely free of charge.
What is the reason for such a drop in electricity prices?
Principally for two reasons. On the one hand, the collapse in prices for natural gas And carbon rights, which puts downward pressure on the entire market during the hours when fossil fuels set the price of electricity. On the other hand, to the meteorology itself: strong gusts of wind wind they activated wind energy like never before; the sun maintains good photovoltaic tone in many daytime areas; and recent rains in the most important basins for hydropower have resulted in hydropower plants operating above average levels in recent times, with drought creating challenging situations.
Now the experts consulted by OKDIARIO explain that “we won’t see prices like the current ones for a long time.” Firstly, “because it is difficult for wind, water and sun to unite again”, meteorological circumstances that “have been extraordinary during these last few days across much of Spanish geography”.
Moreover, “a transition from fossil fuels to electricity is on the political and regulatory agenda, which will lead to increased demand.” And third, “because it would not be profitable for any power plant to maintain such prices in the long term.”
Now, this Sunday, Spain will have the most famous tariff since the record was set this Sunday, March 3, 2024. The minimum price will be valid for several hours at 0 €/MWh: specifically from 02:00 to 06:00 and from 08:00 to 18:00, according to the Iberian Energy Market Operator (OMIE). .
In particular, it will be electricity price per hour Tomorrow:
The government was lucky. If it weren’t for the weather, energy bills this weekend would have been much higher. This is because Sanchez decided not to extend the applicable VAT rate until February 29, which was 10%, as a measure to deal with the economic crisis and inflationary situation. Now, by decision of the President, VAT on electricity is 21% from last Friday, March 1st.
To this indirect tax we must add two others, which are also included in electricity bills and which will cause a gradual increase in electricity prices throughout 2024. Special tax on electricity (IEE), which will be 2.5% in the first quarter of 2024 and 3.8% in the second, or Tax on the cost of electricity production (Ivpee), according to which the tax rate will be 3.5% until March next year, and then rise to 5.25% until June.
By then, unless the rain and strong gusts of wind continue, which is not typical for the summer season, the price of electricity will rise sharply for all those Spaniards who have a tariff on the free market.
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