Madrid, May 21 (EFECOM).- The growing photovoltaic production has made this technology the first source of the electrical ‘mix’ for May, ahead of wind and nuclear, which has prevented the entry of other more expensive generations. during solar hours, sinking prices at times of greatest consumption.
Precisely, the impact of photovoltaics has prevented a rise in prices in a current context marked by the upward trend in fossil fuels, according to the report published this Tuesday by Grupo ASE, which predicts, yes, an increase in the cost of electricity in the final stretch of the month due to the drop in wind energy.
According to their data, the daily price of the wholesale electricity market, a reference for consumers with regulated tariffs or contracts indexed to the ‘pool’, until May 20 stands at 26.3 euros/megawatt hour (MWh), almost doubling April levels.
All in all, it becomes the second cheapest month of May since records began, only surpassed by the 21.25 euros/MWh of 2020, in the middle of the pandemic.
In these weeks, photovoltaic energy has plunged the price of the hours of greatest consumption (between 10:00 a.m. and 7:00 p.m.) to 3.91 euros/megawatt hour (MWh), while in the rest, the average It has been around 40 euros/MWh, with increases up to 63.44 euros/MWh during peak hours (9:00 p.m.).
According to Grupo ASE analysts, the profile of the current hourly price has changed “completely” compared to its average of the last seven years, with a reduction in solar hours of 93.75%.
By technology, in the first half of May photovoltaic has led the generation ‘mix’ with 24% of the total, followed by wind (22%) and nuclear (18%), while hydraulic has increased its production by 131%, and photovoltaics, by 13%.
However, the growth of renewables is only 4.6% because wind energy has fallen by 27%. Nuclear power has also produced less, with a decrease of 10%, due to the shutdowns of two plants, Vandellós II and Trillo.
In any case, combined cycles, which use gas to produce electricity, are the ones that have fallen the most so far in 2024, with a drop of 44.5% compared to last year and accumulating a drop of 33%.
Regarding the “extraordinary” economic impact of the collapse of prices in the ‘pool’, analysts believe that the consequences are “very relevant” because this phenomenon occurs in the central hours of the day, that is, in which consumption in all sectors of activity and high demand.
Behind this panorama are the rapid growth of photovoltaic generation during the last five years (400%) and a notable drop in electricity demand, even more pronounced in solar hours because self-consumption has also increased.
In 2024, the installed solar photovoltaic power continues to grow, although at a slower rate, but prices in the hours of radiation will continue to sink if electricity demand, now in decline, does not rise.
Looking ahead to the third and fourth week of May, Grupo ASE foresees a drop in wind generation below its average, which would raise electricity prices outside of solar radiation hours. EFECOM
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