Today wholesale electricity prices hit a record for the second time in a week as weather conditions boost demand and reduce wind farm output.
The government aims at final prices below twenty cents per kilowatt hour August, after the implementation of the subsidies in electricity tariffs which are expected to be announced immediately. Today, Monday, however, electricity suppliers are announcing the tariffs without an adjustment clause that will come into effect from next Monday, August 1st, which are expected to be considerably higher – in the region of 50 cents per kilowatt hour – but final prices will be held at much lower levels after the subsidies are implemented.
Meanwhile, today wholesale electricity prices are breaking records for the second time in a week, as weather conditions (shortness of breath and high temperatures) raise demand and reduce wind farm output.
The prices of electricity in the pre-day market of the Stock Exchange are set for today Monday at 466.03 euros per megawatt hour, marking a jump of 43% compared to yesterday. Today’s average price is a new record (the previous one was set on Friday at 426.92 euros), while it is indicative that the maximum price is 686.25 euros.
The reason for the increase is that the high demand (404 gigawatt hours in total with a predicted peak of close to 10,000 megawatts at noon) is mainly covered by natural gas plants (43.1 %), while renewable sources are limited to 21.2 %, hydroelectric at 9.5 % and lignite at 13 %.
It is noted that the high prices of the Stock Exchange are not passed on to the consumer, as from July 1st a ceiling has been put in place on the price charged by power producers. The difference between the price set on the Stock Exchange and the ceiling established by the State is transferred to the Energy Transition Fund to finance subsidies for electricity consumption
RES-EMP
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