Appearance in Congress
Updated on Monday, 30 August 2021 – 18:32
Ensures that the regulated tariff continues to be cheaper than the free market offers so far this year
Ribera anticipates another reform of the light and adjusts accounts with Podemos: “This is a European government” EL MUNDO (Video) // . (Photo)
The vice president of Ecological Transition, Teresa Ribera, It has been open to undertake a new reform of the regulated electricity tariff to reduce its direct link with the wholesale electricity market and avoid the impact that its high volatility has on the domestic consumer after breaking eight historical records in August .
The person in charge of the country’s energy policy has appeared in Congress this Monday to explain the sharp rise in electricity in August and give an account of the measures in which the Government is working to mitigate its impact. According to their figures, an average household will pay 25% more for electricity this year than in 2020. Despite this rise, the vice president has not announced any new measures as the opposition and government partners have been asking her for in recent weeks, and He has limited himself to reviewing some of the regulatory changes his ministry is working on.
Among these stands out the approval of new changes that affect the Voluntary Price for the Small Consumer (PVPC). Ribera has been open to undoing the link with wholesale market prices approved by his predecessor in office, Jos Manuel Soria, although he has not yet detailed how he will do it.
In any case, the energy vice president has highlighted that it is a complex change, since today the PVPC according to its numbers is still on average up to 20% cheaper than the free offers on the market. Reversing the current PVPC model would imply returning to a system similar to the one that worked until 2013, when the price was set on a quarterly basis based on what the energy cost futures would set for a given period. It will be the second reform of the market in just a few months, after the new system of three time periods (peak, flat and valley) came into force on June 1 with different regulated prices throughout the day.
Second, Ribera has taken advantage of his speech before the Lower House to settle accounts with Podemos, which in recent weeks has intensified the pressure on its government partner to intervene in the electricity market. The vice president of Ecological Transition has vehemently affirmed that these practices are not contemplated in community law and has assured that the Government will not take “measures that are directly contrary to the community framework.” Next, he reviewed all the community regulations that would be contrary to the suppression of the current marginalist price setting mechanism or to the establishment of a fixed price for nuclear and hydraulic plants, as requested by Podemos.
Another of the points on which the appearance has revolved has been on the proposal to create an investigative commission on the rise in the price of electricity announced last week by Comproms, Ms Pas and Nueva Canarias. The measure seeks to analyze whether there has been price manipulation in the market, make a diagnosis of the current crisis and take measures to solve it. RIbera itself has supported the initiative and has made all the necessary resources of the Ministry available to the chambers.
Along the same lines, the vice president recalled that two of the measures with which she intends to lower the bill are currently being processed by parliament. It refers to the creation of the Fund for the Sustainability of the Electric System, that foresees transferring costs from the electricity bill to fuels, and the mechanism with which it intends to cut the ‘CO2 dividend’ that nuclear and hydroelectric plants charge when the high cost of CO2 emission rights is transferred to the price of electricity through the marginalist market.
Finally, Ribera has charged against the electricity companies for the water management carried out in some reservoirs this summer and the fact that these are the ones that are setting the market price during most hours of the day. In the first place, he has once again branded the emptying of some reservoirs by the electricity companies as “scandalous” and, although he considers that they have not done anything outside the law, he has advanced that regulating the use of water to prevent this from happening again. happen in the future. “No social tie has been shown, and the tie is listed on the Stock Exchange”, has pointed out in relation to the presence of investment funds in the shareholders of the electric companies that pursue the achievement of environmental objectives beyond economic profit.
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