The price of electricity shatters all records in Spain and for the first time exceeds the threshold of 300 euros

This Thursday, the price of electricity on the wholesale market will skyrocket again in Spain to break a new record and exceed for the first time since records have existed the bar of 300 euros megawatt hour, reaching exactly 302, 48.

Thus, compared to this Wednesday the increase represents 3.68%, whereas if we compare it to December 16, 2020, the same date a year earlier, the price is six times, with an increase of 513.05%.

The rise in electricity prices that began months ago is mainly driven by the rising cost of raw materials on the international market, in particular gas, the most expensive source of electricity production, and carbon dioxide emission rights.

The average for this month of December is already 226.2 euros, so if it continues on the same path until the end of the year, it will become the most expensive month in history, overtaking last October who won the controversial crown.

Tax cuts to curb the rise in household bills

To mitigate the rise in prices, the Spanish government announced a tax cut a few months ago. This Wednesday, the Minister of Finance, María Jesús Montero, informed the Congress of Deputies that this the sale will be extended until April from 2022.

So, for another four months, the VAT reduction from 21 to 10%, the suspension of the tax on production which was levied with an additional 7% and the reduction from 5.11% to 0.5% of the special tax on electricity.

However, experts warn that there are “multitudes of citizens who do not have the money to foot the bill”, such as the general secretary of the consumers’ association Facua, Rubén Sánchez, who maintains that “they have cold some power companies speculating on tariffs“and accuses the government of Pedro Sánchez of not wanting to” disturb and harm the interests of this gigantic oligopoly. “

For its part, at the European level, for the moment, the only change that has been approved is the implementation of group purchasing to lower the price, but this will be a measure that will not be put into practice in the short term. .

Certain sectors accuse the European Union of inactivity in the face of this energy crisis. Mario Sánchez-Herrero, professor of economics at the Complutense University of Madrid, believes that the EU “does not act firmly”, and that “it allows speculative gambling with a basic good like gas is. “He also criticized the fact that the community body had not considered reforming the pricing system on the electricity market.

Disclaimer: This article is generated from the feed and not edited by our team.

About Jimmie T.

Check Also

Price of rice and vegetables on the rise

Merchants blame flooding in hubs Yasser Wardad | Published: Jun 25, 2022 8:57:59 a.m. | …