Spain already pays for electricity almost four times less than Germany or France after hitting the gas, something unimaginable a few months ago. And it is that the price of electricity will stand today at 134.6 euros per megawatt hour (208.96 euros if compensation for gas plants is taken into account) after registering a fall of 12%, according to the Data from the Iberian Energy Market Operator (OMIE). In Germany the price is 557 from Germany and in France it rises 553 euros.
In this way, the price in the Spanish market becomes the lowest since June 30. After the fifth consecutive drop in electricity, it is also 62% below the historical maximum registered on March 8, when 544.98 euros/MWh was reached, almost two weeks after the start of the Russian invasion of Ukraine .
In Portugal, where the cap on gas is also applied by virtue of the so-called “Iberian exception”, the price of the auction has marked the same as in Spain, a country with which it shares a market.
In a context marked by the energy instability that Europe is suffering, electricity continues to show very high values in the main economies of the continent, where today the megawatt hour will generally exceed 550 euros.
The price of electricity in Germany has reached a historical record of 557 euros per megawatt hour, according to data provided this Wednesday by the European Energy Exchange AG, in data that correspond to the price for short-term wholesale deliveries. In the case of France, the megawatt hour stands at 553.62 euros. For its part, in Italy the price will be 549.06 euros/MWh, while in the United Kingdom it will reach 473 euros per megawatt hour, at the current exchange rate.
Measures of neighboring countries
The German government has been one of the most active in taking measures to mitigate the effects of energy dependence on Russia. The latest announcement by the Executive has been the new rate on the price of gas, aimed at distributing the high costs of replacing this raw material from Russia among all final consumers, which will mean an increase of 0.2419 cents of euro per kilowatt hour consumed.
The megawatt hour will exceed 550 euros across Europe
This amount corresponds to the supplement that the German Government has authorized to charge companies in the sector to transfer to final customers part of the extraordinary costs that they must assume due to the reduction in the supply of gas from Russia. The increase in gas prices, which will come into force from October 1, will mean additional costs for a family of four members of 480 euros per year, 570 euros if a VAT of 19% is applied to the supplement, something that the German Executive has not yet determined. The objective of the rate, as highlighted by the Ministry of Economy in a statement, is “to guarantee the supply of gas to citizens and the economy in the framework of the German and European energy crisis deliberately caused by Russian aggression against Ukraine “. However, he assured that the price increase will be accompanied by additional measures.
In the case of France, the Administration, businesses and citizens are called to multiply the gestures to reduce energy consumption by up to 10% in a period of two years. Italy, for its part, intends to be “totally independent” of Russian gas in the second half of 2024 after its search for “new markets”. Currently, the acting Prime Minister, Mario Draghi, and the Italian diplomacy have reached new agreements with the African neighbor Algeria, which has already become its main gas supplier, replacing Russia. To this is added the approval of an energy decree that marks cuts in the prices of electricity, gas and fuel.
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