The price of electricity tomorrow, Saturday, September 16, drops and does so strongly since the decrease will be, compared to today’s cost, Friday, 14.27%. This will mean that on average regulated tariff customers linked to the wholesale market will see on average that they will pay less than 100 euros per megawatt hour (MWh). Only those who do not take the hourly price into account may turn on the washing machine when the price of electricity reaches its maximum price, which will be around 122 euros.
The most expensive and cheapest hours of electricity on Saturday, September 16
In these first sixteen days of the month, the average of the electricity market stands at 102.86 euros/MWh, compared to the 157.19 euros/MWh that the ‘pool’ price registered in the same period of September 2022. By time slots, the maximum price that will be registered tomorrow, Saturday, September 16, will be 137.67 euros/MWh, it will be registered between 8:00 p.m. and 9:00 p.m., while the minimum price will be between 1:00 a.m. and 4:00 p.m. with 57.89 euros/MWh, according to provisional data from the Iberian Energy Market Operator (OMIE).
Average electricity price for Saturday, September 16: 98.91 euros megawatt/hour. Most expensive electricity price for Saturday, September 16, 122.69 euros megawatt/hour. Cheapest electricity price for Saturday, September 16: 73.41 euros megawatt/hour.
Price of electricity today by time slots
From 00:00 to 01:00 hours: 120.95 euros/MWh. From 01:00 to 02:00 hours: 118.59 euros/MWh. From 02:00 to 03:00 hours: 114.21 euros/MWh. From 03:00 to 04:00 hours: 100.53 euros/MWh. From 04:00 to 05:00 hours: 100.0 euros/MWh. From 05:00 to 06:00 hours: 92.0 euros/MWh .From 06:00 to 07:00 hours: 100.0 euros/MWh.From 07:00 to 08:00 hours: 100.53 euros/MWh.From 08:00 to 09:00: 103.0 euros/MWh .From 09:00 to 10:00 hours: 99.84 euros/MWh. From 10:00 to 11:00 a.m.: 85.72 euros/MWh. From 11:00 to 12:00: 80.0 euros/MWh. From 12:00 to 1:00 p.m.: 76.23 euros/MWh. From 1:00 p.m. to 2:00 p.m.: 76.23 euros/MWh. From 2:00 p.m. to 3:00 p.m.: 73.41 euros/MWh. From 3:00 p.m. to 4:00 p.m.: 74.46 euros/MWh .From 4:00 p.m. to 5:00 p.m.: 76.0 euros/MWh. From 5:00 p.m. to 6:00 p.m.: 81.68 euros/MWh. From 6:00 p.m. to 7:00 p.m.: 103.0 euros/MWh .From 7:00 p.m. to 8:00 p.m.: 118.59 euros/MWh. From 8:00 p.m. to 9:00 p.m.: 121.57 euros/MWh. From 9:00 p.m. to 10:00 p.m.: 122.69 euros/ MWh. From 10:00 p.m. to 11:00 p.m.: 119.61 euros/MWh. From 11:00 p.m. to 12:00 p.m.: 115.0 euros/MWh
Why does the price of electricity change in each time slot?
Electricity bill prices are flexible and linked to the wholesale electricity market. For this reason, the price of electricity in each time period is determined based on the energy demand at that moment, which gives rise to a constant variation in the cost of electricity throughout the day.
For example, during periods of high demand due to more extreme cold temperatures for heating or extreme heat for air conditioners, prices tend to rise. Additionally, it is important to consider that expenses associated with adjustment services, charges, capacity payments, marketing, weighing, and interruptibility pricing, among others, may vary in price from hour to hour. With the entry into force in January 2024 of the new methodology for calculating the new regulated electricity rate, it is expected to give more stability to the electricity market.
When does the Iberian exception apply?
The so-called ‘Iberian exception’ has been extended until December 31, following the agreement reached by Spain and Portugal with the European Commission. Thus, it is extended by seven months, until the end of this year, and it is not excluded that it could be extended longer if said framework is also extended.
Specifically, the agreement not only represents an extension of the Iberian exception that was already applied, but also involves some adjustments to accommodate it, such as the price reference, which until now was increased by five euros per month, and will now be softer.
In the original agreement, the reference price cited for gas had an average value of 48.8 euros/MWh: it was 40 euros/MWh for six months, rising by 5 euros/MWh each month thereafter. Now, it will increase by 1.1 euros/MWh since last April, to conclude at 65 euros/MWh.
Currently, the mechanism has not had any 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 Maintain a reasonable price, not so dependent on the evolution of natural gas.
