At the end of December, the wholesale market price broke a historical record, reaching €384/MWh, partly due to Europe’s low level of natural gas reserves, and also because of the sharp increase in the price of CO2 emission rights.

With Russia’s recent invasion of Ukraine, which had a direct impact on fossil fuel prices, the uncertainty in energy markets has aggravated the price hike. This Monday, the price of electricity was about €442.54/MWh on average, reaching €500/MWh at the most expensive times and, the price of electricity in Spain is currently the highest in the European Union.

In the TTF market, natural gas has reached record highs, with prices quadrupling in just one week. This is an untenable situation for both consumers and the industry, and also in terms of Government stability.

In order to contain this exhorbitant rise in energy prices, the European Commission is preparing a pilot project to purchase gas jointly from diverse countries. At the same time, in Brussels, they are urging EU member countries to accelerate the permits for renewable energies.

When can you find up-to-date information on the electricity market prices?
We recommend the following links for consulting daily and future market prices, and the real time electricity demand:
Daily market price: https://www.omie.es/en
Future market price: https://www.omip.pt/en
Real time electricity demand: https://demanda.ree.es/visiona/home

How can we help you minimise the price rise in the electricity market?
The Opyce team can analyse the economic impact of the price rise on your business, based on the current market situation. According to the results of the analysis and the client’s needs, we negotiate the electricity and gas offers with the trading companies, and we draw up a customised strategy in line with the trends and prices of the futures market.

Having a good strategy and support from experts is the key to minimising the current rise in the electricity market prices. Please do not hesitate to contact us for any further information.