The prices of electricity do not give truce and augur a real nightmare for the next month of February. The futures market is still completely broken and marks at prices of 448 euros / MWh for the month of February 2022 on the basis (31% more) and 521.45 euros (36% more) for peak demand, according to the data recorded by Meff Power.
These strong increases, which represent increases of almost 100 euros compared to the price of just a week ago, shows the strong tensions that are being registered in the gas market and that may worsen with the entry of winter due to the low levels of reserves that they are already registered in part of Europe.
Moreover, the tension, far from softening throughout the year, seems to be lasting over time. The price forecast for 2022 has gone from 201.5 euros just a week ago to 306 euros. By the year 2023 it stood at 90 euros / MWh and yesterday it already amounted to 122 euros.
The return to normality does not seem close either, since the futures mark for 2024 prices of 77 euros, for 2025 they will be 64 euros and for 2026 they will be 50.35 euros. This scenario is therefore a real problem for the competitiveness of European companies and for consumers.
The Government has proposed to the European Commission a reform of the wholesale electricity market that has received a resounding no from the Community Executive as well as from the regulatory bodies.
The Minister of Ecological Transition, Teresa Ribera, has protested in Brussels and assures that the Commission cannot remain without acting in the face of this general increase.
Emergency tools
The Community Executive presented the so-called toolbox, that is, the tools that the States can use to deal with this situation and that has meant that the Government reversed some of the measures it had proposed and prolonged others of the recommended ones, such as those tax cuts.
Ecological Transition has suspended the holding of a primary energy auction. This auction, which is expected to take place later, should mark 10% of the price of the future PVPC.
The expansion of Medgaz will start next January, which will serve to improve the supply of gas to Spain from Algeria
The Government opened a public consultation process on the PVPC that, for the moment, has not resulted in any type of measure, which means that only Spain has a rate that transfers market volatility directly to consumers.
This situation especially complicates the situation for consumers and leads them to seek more stable prices in the liberalized market (although this has also risen strongly).
The expansion of Medgaz will start next January, which will serve to improve the supply of gas to Spain from Algeria after the closure of the Maghreb gas pipeline. Morocco keeps said interconnection ready for a possible reopening but at the moment there is no visibility on an agreement to resume this gas access to Europe. The situation remains difficult.
The Government extends until April 30 the tax cut on the electricity bill
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