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On 13 June last, the Government approved in the Council of Ministers the new methodology for the calculation of the Voluntary Price for Small Consumers (PVPC).
This is a requirement that the European Commission imposed on the government as a condition for approving the Iberian derogation in March 2022.
Up to now, this regulated tariff PVPC (collected by the Law 24/2013of the Electricity Sector and the Royal Decree 216/2014) depended 100% on the prices traded every day in the Wholesale electricity market (to this price are added tolls, charges, and other components that determine the final price, including a small margin for the retailer).
Progressive implementation of future markets
With this modification of the PVPC tariff, it will go progressively reducing the linkage of the PVPC to the Daily Market and more weight will be given to futures market benchmarks in the search for more stable prices.
The new regulated tariff does not seek to lower the cost to the end user, but to provide more stability to consumers' final bills, introducing a price formation mechanism that reduces volatility by reducing the weight of the day-ahead market price and indexing the bill to a futures market.
The new calculation formula will come into effect as from 1 January 2024.
The changeover will be phased in gradually as follows;
- On 1 January 2024, the 75% of the price will be determined by the daily market, the remainder (25%) will be split between the monthly, quarterly and annual futures market.
- In January 2025, the 60% for the daily market and 40% for the futures market.
- And in January 2026, the 45% will depend on the Daily Market and the remaining 55% will be split between the other three markets.
In compliance with Directive 2019/944 on the internal electricity market, from 1 January 2024, households and micro-SMEs - which will have to certify their status by means of a responsible declaration - with a contracted power of 10 kW or less will be eligible for the PVPC tariff.
