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ARCHIVED - Electricity falls to lowest point in a week as government plans new measures
Electricity prices in Spain down 4% from yesterday to 127 euros/MWh
The Spanish government is preparing an ‘imminent’ plan to tackle rising electricity prices in the wholesale market, which this Tuesday September 7 will stand at 127.36 euros per megawatt hour after yesterday became the most expensive Monday on record for electricity bills. This is the lowest electricity prices in Spain have been since August 30, although it’s still three times higher than a year ago.
According to Spain’s vice-president Teresa Ribera, the government’s new plan to curb skyrocketing energy prices involves creating a new auction system for large electricity companies to sell part of their energy to small retailers and industrial customers ‘at a price set by auction’. The hope is that by starting the auction price at the actual amount companies pay to produce the energy, this will lower electricity bills for end customers.
Ribera stressed that the government would not impose a certain sale price under any circumstances, as this would infringe EU regulations, and rejected calls to create a nationalised energy company.
Other measures introduced to tackle the energy crisis so far include a reduction of VAT on electricity bills from 21% to 10% for consumers with up to 10 kilowatts, and a temporary freeze on the 7% electricity tax.
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