The price of electricity on the wholesale market in Spain has fallen to zero today: this is confirmed by data from the Iberian Energy Market Operator (Omie). As explained among others by the economic newspaper Cinco Días, this situation is mainly due to the increase in electricity production through wind and hydraulic plants, coinciding with the effects of a disturbance that has been affecting the Iberian Peninsula for several days.
The value of zero with regards to the cost of wholesale electricity is set in various time periods today, even reaching the negative zone (-0.01 euro) in the period between 1pm and 4pm.
The situation of prices close to or equal to zero in some time periods has already been recorded on some previous days during the month of March. However, this huge reduction in prices on the market is only partially reflected in the bills of final consumers, at least in the short term: as a consequence of this, in fact, an automatic increase from 10% to 21% on VAT on electricity was triggered.
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