The price of electricity drops tomorrow, and it does so strongly. After the decrease recorded on Tuesday, regulated tariff customers will once again have cheaper electricity prices. In total, consumers will be able to take advantage of the two cheapest hours to use the most consumed appliances, such as the washing machine or dishwasher. With this simple gesture, you can achieve significant savings on your electricity bill.
So far in October, the average of the electricity market stands at 112.23 euros/MWh, compared to the 127.21 euros/MWh that the pool registered in the same month of 2022. The 60.74 euros /MWh average for the This Wednesday’s day will thus be the lowest level for a pool day since last August 27, when it stood at 52.31 euros/MWh.
To the average price of the ‘pool’ would be added the compensation to the gas operators, which has to be paid by the consumers who are beneficiaries of the measure, the consumers of the regulated tariff (PVPC) or those who, despite being in the free market, They have an indexed rate, but they are once again at 0 euros/MWh, a situation that has been repeated since last February 27.
The most expensive and cheapest hours of electricity this Wednesday
By time slots, the maximum price, of 102.56 euros/MWh, will be recorded between 7:00 p.m. and 8:00 p.m., while the minimum price will be between 4:00 a.m. and 5:00 a.m., with 5 euros/MWh, according to provisional data. of the Iberian Energy Market Operator (OMIE) collected by Europa Press. The other cheapest time of the day will be between 03:00 and 04:00, with 10 euros
Most expensive electricity price on Wednesday, October 18: 102.56 euros/MWh. Most expensive electricity price on Wednesday, October 18: 5 euros/MWh.
Price of electricity tomorrow by time slots
From 00:00 to 01:00: €61.37/MWhFrom 01:00 to 02:00: €38.00/MWhFrom 02:00 to 03:00: €27.01/MWhFrom 03:00 to 04:00 : €10.00/MWhFrom 04:00 to 05:00: €5.00/MWhFrom 05:00 to 06:00: €10.01/MWhFrom 06:00 to 07:00: €49.18/MWhFrom 07 :00 to 08:00: €75.32/MWhFrom 08:00 to 09:00: €98.74/MWhFrom 09:00 to 10:00: €95.27/MWhFrom 10:00 to 11:00: 87 €.00/MWhFrom 11:00 to 12:00: €71.67/MWhFrom 12:00 to 13:00: €62.26/MWhFrom 13:00 to 14:00: €60.57/MWhFrom 14:00 to 15:00: €50.00/MWhFrom 15:00 to 16:00: €45.55/MWhFrom 16:00 to 17:00: €46.97/MWhFrom 17:00 to 18:00: 61.37 €/MWhFrom 18:00 to 19:00: €83.99/MWhFrom 19:00 to 20:00: €102.56/MWhFrom 20:00 to 21:00: €101.30/MWhFrom 21:00 to 22 :00: €88.87/MWhFrom 22:00 to 23:00: €70.00/MWhFrom 23:00 to 24:00: €55.77/MWh
Three appliances that increase your electricity bill
When we buy new appliances, it is important to take into account three fundamental aspects: their energy efficiency, using them correctly (some even have savings modes) and making sure that their consumption adapts to our electricity bill. However, there are some appliances that generally consume more electricity than others.
The dishwasher, although it is not an appliance present in every home, is one of those that requires the highest electricity 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, about 77 euros extra on the annual bill. Finally, 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 increase in the price of gas in 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. Furthermore, 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 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 regulated electricity rate, it is expected to give more stability to the electricity market.
The Iberian exception
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 be It will allow maintaining a reasonable price, not so dependent on the evolution of natural gas.
