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The electricity wholesale market in Spain once again increased its prices during the month of December to reach 111.24 euros/MWh. The rise meant that the last month of 2024 registered the highest electricity price of the whole of last year, after a November in which there was also a sharp increase (104.46 euros per megawatt-hour - MWh). To make matters worse, from 1 January 2025, 21 per cent IVA sales tax was applied to electricity bills, as the measure to apply the reduced IVA rate of ten per cent when the market price exceeds 45 euros/MWh has not been extended.
All of this will mean that the bill for January will be higher than previous months, especially considering that in December, when the average price of electricity was 22.19 euros/MWh, the average price of electricity on the regulated market averaged over 100 euros/MWh for almost 20 days during this period.
Consumers and users organisation OCU estimates that the average bill for a household on the PVPC tariff will increase this month to 85.57 euros, which represents a further 15 per cent increase compared to November, when the average was 74.60 euros.
And the situation does not seem to be improving, not even with the application of the new PVPC methodology, which introduces future markets in its calculation; a measure that has not served to significantly moderate this rise either. In fact, the OCU points out that it has only reduced the December bill by just over 1.6 euros.
The experts point out that the price of electricity starts 2025 with "a clear upward trend" and sees "uncertainty" in its evolution in the coming months in the face of an upturn in the price of natural gas.
Although the so-called 'pool' closed 2024 with an average price of 63.04 euros /MWh, down 28 per cent on 2023 and with a sharp drop of 35.8 per cent on its average for the last five years, the strong momentum recorded in November and December, placing it above 100 euros/MWh, casts much uncertainty on how prices will evolve in 2025. To all these prices must be added the existing fixed costs for electricity consumers in terms of tolls, charges and system adjustments.
The OCU points out that these sharp rises or the new PVPC methodology do not directly affect households in the free market with fixed prices, but they do raise the prices of renewal offers and make it difficult to access good deals. Nevertheless, the organisation encourages consumers to continue to look for good opportunities in fixed price tariffs that avoid risks for the consumer in the coming months.
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