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The price of electricity breaks the barrier of 200 euros per megawatt hour: October begins and records continue to be broken without brake

We were warned. The wholesale price of light continues to break records and We will start the month of October with the most expensive price of electricity in history, surpassing for the first time the psychological barrier of 200 euros per megawatt hour and reaching an average price of € 216 / MWh, according to the OMIE.

With a minimum of € 198.77 / MWh and a maximum of € 230 / MWh, the wholesale cost of electricity at the beginning of October is still completely out of control and despite the high figures, it does not seem that this is going to be the limit, since experts point to a winter with record prices, mainly due to the enormous cost of gas.

More than five times more expensive than last year

Compared to last year, when light had a wholesale price of € 41.48 per megawatt hour, the cost of light has grown by 420%. This supposes multiply by five the price of electricity from one year to another. If we compare it with a week ago, the average price was € 172.97 / MWh.

Climbing the light is growing, even above what was anticipated. If at the beginning of September the futures market for the last quarter of 2021 marked about € 130 / MWh, now the forecasts are for an average of € 195 / MWh. It is a forecast updated every day and where it can be seen that the forecasts were quite conservative with respect to what is being seen.

This average of almost € 200 / MWh implies that we could have days with a much higher cost and also days with a much lower electricity price. When will those days be? It depends on the energy traded and where that energy can be obtained. For the moment, autumn days with a lot of wind and little energy demand have not yet arrived.

The high wholesale price of electricity directly affects users with a regulated PVPC rate, some 10.7 million households. The rest of users will foreseeably be affected in the future, when companies update their rates in accordance with the price of electricity.

Images | Nikola Johnny Mirkovic