111.69 euros per megawatt hour MWh). In this way, the price of electricity will thus continue to fall for the second consecutive day, after last Wednesday its highest level of the summer for one day and the maximum since the beginning of March, with 134.94 euros/MWh.
Despite these decreases in the last two days, electricity prices remain at high levels compared to recent months due to the rise in natural gas prices in August and demand, in the midst of a heat wave . , the fourth so far this summer.
Compensation for gas users would be added to this average pool price, which must be paid by consumers who are beneficiaries of the measure, consumers of the regulated tariff (PVPC) or those who, despite being on the free market , have an indexed rate, but which is again at 0 euros/MWh, a situation that has been repeated since February 27.
The cheapest and most expensive hours of light on August 25.
By time slots, the maximum price, of 140.61 euros/MWh, will be recorded between 9:00 p.m. and 10:00 p.m., while the minimum price will be between 4:00 p.m. and 6:00 p.m., with 91.33 euros/MWh, according to provisional data from the Iberian Energy Market Operator (OMIE) collected by Europa Press.
Average price of electricity on August 25: 111.69 euros/MWh. Lowest electricity price on August 25: 91.33 euros/MWh. Highest electricity price on August 25: 140.61 euros/MWh.
The price of light per hour.
From 00:00 to 01:00: 114.95 euros/MWh. From 01:00 to 02:00 hours: 103.81 euros/MWh. From 02:00 to 03:00: 99.26 euros/MWh. From 03:00 to 04:00: 99.34 euros/MWh. From 04:00 to 05:00: 98.4 euros/MWh. From 05:00 to 06:00: 103.23 euros/MWh .From 06:00 to 07:00 hours: 124.22 euros/MWh.From 07:00 to 08:00 hours: 135.12 euros/MWh.From 08:00 to 09:00: 139.42 euros/MWh .From 9:00 a.m. to 10:00 a.m.: 129.03 euros/MWh. From 10:00 a.m. to 11:00 a.m.: 114.01 euros/MWh. From 11:00 a.m. to 12:00 p.m.: 110.63 euros/MWh. From 12:00 to 1:00 p.m.: 102.36 euros/MWh. From 1:00 p.m. to 2:00 p.m.: 100.06 euros/MWh. From 2:00 p.m. to 3:00 p.m.: 96.85 euros/MWh. From 3:00 p.m. to 4:00 p.m.: 92.51 euros/MWh From 4:00 p.m. to 5:00 p.m.: 91.33 euros/MWh. From 5:00 p.m. to 6:00 p.m.: 91.33 euros/MWh. From 7:00 p.m. to 8:00 p.m.: 125.02 euros/MWh. From 8:00 p.m. to 9:00 p.m.: 139.69 euros/MWh. MWh. From 10:00 p.m. to 11:00 p.m.: 128.78 euros/MWh From 11:00 p.m. to 12:00 a.m.: 108.34 euros/MWh
Three appliances that raise your electricity bill
When we buy new electrical appliances, it is important to take into account three fundamental aspects: their energy efficiency, using them correctly (some even have saving modes) and making sure that their consumption adapts to our electricity bill. However, there are some appliances that, in general, consume more electricity than others.
The dishwasher, although it is not an appliance present in all homes, is one of those that requires the highest light consumption. According to OCU calculations, it can consume up to 246 kWh per year, which represents approximately 7% of total energy consumption and translates into up to 74 additional euros on the annual electricity bill. The same happens with the washing machine, which can consume up to 255 kWh per year, that is, an extra 77 euros on the annual bill. Lastly, and logically, the refrigerator, which has an average consumption of 662 kWh per year, which means an increase of approximately 199 euros in the annual rate in the case of the PVPC.
Factors influencing price escalation
The rise in prices in most European countries is attributed to various factors, including the rise in gas prices on international markets. This fuel is used in combined cycle plants and has a significant impact on determining market prices during most hours of the day. In addition, the increase in the value of carbon dioxide (CO2) emission rights also contributes to this situation.
Why does the price of electricity change in each hourly period?
Electricity bill prices are flexible and linked to the wholesale electricity market. For this reason, the price of electricity in each hourly period is determined based on the demand for energy at that time, which gives rise to a constant variation in the cost of electricity throughout the day.
For example, during periods of high demand due to extreme cold temperatures for heating or extreme heat for air conditioners, prices tend to rise. In addition, it is important to consider that the expenses associated with adjustment services, charges, capacity payments, commercialization, regrets and the price for interruptibility, among others, can vary the price from one hour to another. With the entry into force in January 2024 of the new calculation methodology for the new regulated electricity tariff, it is expected to give more stability to the electricity market.
Gas rise more than 40% in August
In this sense, sources from the employers’ association Aelec -made up of the electric companies Iberdrola, Endesa and EDP Spain- pointed out that this increase in the price of electricity in the wholesale market is mainly a direct consequence of the increase in gas prices by more than 40% during the current month of August. However, after the evolution of the retail market in 2022, they highlighted that “a vast majority of customers are covered by fixed price rates or flat rates”. Specifically, 70% of customers have contracts in the free market.
Thus, they added that the volatility in electricity prices due to the rise in gas and, to a lesser extent, CO2, as well as short-term aspects such as increases in average temperatures, “does not affect the majority of customers with tariffs fixed price or flat rates”, and stressed that, despite this increase, prices “remain far from those reached last summer when the Russian invasion of Ukraine caused prices to reach their all-time high”.
The ‘Iberian exception’
The so-called ‘Iberian exception’ will last until December 31, after the agreement reached by Spain and Portugal with the European Commission. Thus, it lasted seven months, until the end of this year, and it was not ruled out that it could last longer if said framework was also extended. Specifically, the agreement not only represented an extension of the Iberian exception that was already applied, but also implied some adjustments to accommodate it, such as the price reference, which until then had increased by five euros per month, and became softer. . .
In the original agreement, the quoted reference price for gas had an average value of €48.8/MWh: it was €40/MWh for six months, rising by €5/MWh each month thereafter. It increases by 1.1 euros/MWh since last April, to conclude at 65 euros/MWh.
Currently, the mechanism has had no effect on the marginal matching processes in the wholesale markets since the end of February due to the drop in the price of natural gas below the thresholds set for its application, but, if necessary, the extension will allow the man have a reasonable price, not so dependent on the evolution of natural gas.
