Electricity costs set to hit an all-time high for a Sunday

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Electricity costs hit all-time high for a Sunday. image: Wikipedia

Electricity costs set to hit an all-time high for a Sunday

Electricity prices leave consumers with no hope for a break so far, and as a result, tomorrow, Sunday, October 17, Spain will record its highest price in history for electricity consumption on a Sunday. .

Between 8 p.m. and 9 p.m., the cost is expected to reach € 270 / MWh, breaking the previous record for a Sunday, which was € 209.63 / MWh. In the low afternoon period, between 4 p.m. and 5 p.m., the price should be around € 183.84 / MWh.

Last Sunday 10, the cost fell to 175.64 € / MWh, but tomorrow’s hike will mark an increase of 19.35% in just seven days. Compared to the corresponding period of twelve months ago, this is an increase of 394%, almost four times higher.

Last Friday the 15th already set the second highest record in history, but the all-time record is that set on Thursday, October 7, when the cost hit an incredible € 288.53 / MWh.

October could see a monthly average of € 135.57 / MWh at current prices

October, in general, saw costs skyrocket, and if current prices are maintained for the rest of the month, the average user would have paid € 135.57 / MWh. This figure is 109.8% higher than the record of 64.61 € / MWH established a year ago, according to the analysis of the evolution of the semi-regulated rate of Voluntary Price for Small Consumers (PVPC), produced by Facua-Consumidores en Accion.

Miteco, the Ministry of Ecological Transition and the Demographic Challenge, launched a prior public consultation regarding the modification of the PVPC. This entity is the contractual modality chosen by 10.7 million consumers, or around 40 percent of all Spanish households. It is also fully indexed to the wholesale electricity market.

Measures taken by the Spanish government so far to combat rising prices have included reducing VAT to 10 percent, suspending the 7 percent tax on electricity generation, remitting the 0.5 percent electricity tax. To this is added the expected contribution of 2,600 million euros from the electricity companies under “profits fallen from the sky”, as reported okdiario.com.

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