How the price of electricity has evolved

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On June 1, the new electricity bill designed by the National Markets and Competition Commission (CNMC) and the Ministry for the Ecological Transition and the Demographic Challenge. With this rate, consumption will be penalized at peak times, so the amount of the final receipt will depend more on when than on how much is consumed.

In May, the average electricity bill already rebounded by 1.4% compared to the month of April and it shot up 43.8% compared to the same month last year. The average price of electricity in the wholesale market for today will be 88.47 euros / megawatt hour, the maximum of the month of June, a month marked by high prices, which will be close to the maximum that occurred last May 28, 88.95, and the January highs, which coincided with the Filomena storm, which affected practically all of Spain.

For today, June 15, the maximum hourly price will reach 98.46 euris / megawatt hour between 9:00 p.m. and 10:00 p.m., according to the Electricity Market Operator (OMIE). In this way, the average price of electricity will be 7.2% more expensive than last Friday and 2.2% higher than the day the new rate came into effect, June 1.

The price of electricity has risen since Sánchez came to the government

The truth is that, according to OMIE data, the average cost of energy in the daily wholesale market, that is, the one to which distributors go to buy electricity, was about 58.46 euros per megawatt per hour per month at the beginning of the month in which Sánchez assumed power in the spring of 2018. After the inauguration, the cost reached its first peak in September of that same year and during 2019 it began to decline very gently. In early 2020, lockdown dramatically reduced energy demand and April prices were the lowest in a long time. The megawatt per hour stood at 17.7 euros.

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Since then, with the exception of a brief fall in October and a considerable decline in February, prices have not stopped rising. The average price from May 10 to June 10 is 72.78 euros per megawatt hour. Thus there was a 258% rise in that period.

The fourth vice president of the Government and Minister of Ecological Transition and Democgraphic Challenge, Teresa Ribera, affirmed in Congress that between 2018 and the beginning of 2020 electricity fell by 30%, coinciding with the reduction in the price of energy in the daily wholesale market. However, from the first month of 2020 until the beginning of June, the cost has shot up almost 78%.

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