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The price of electricity drops tomorrow, Wednesday: the cheapest time to put on the washing machine

Date: June 16, 2024 Time: 02:21:41

The price of electricity this Wednesday, September 20, 2023 drops, so it will be a good opportunity to use the appliances that consume the most, such as the washing machine. Thanks to this, consumers will be able to save on their electricity bill by using the cheapest hours of the day. In total, the price will decrease by 14.8% on Wednesday compared to this Monday, to 93.65 euros per megawatt hour (MWh).

By time slots, the maximum price, of 116.61 euros/MWh, will be registered between 08:00 and 09:00, while the minimum price will be between 16:00 and 17:00, with 35 euros/MWh, according to the data provisional data from the Iberian Energy Market Operator (OMIE) collected by Europa Press.

So far this month, the electricity market average stands at 100.9 euros/MWh, compared to the 141 euros/MWh that the pool price registered in September 2022.

To this 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 , have an indexed rate, but which is once again at 0 euros/MWh, a situation that has been repeated since last February 27.

The most expensive and cheapest hours of electricity on Tuesday, September 19

00:00 to 01:00 hours: 110.77 euros/MWh01:00 to 02:00 hours: 98.15 euros/MWh02:00 to 03:00 hours: 109.13 euros/MWh03:00 to 04:00 hours : 103.50 euros/MWh04: 00 to 05:00 hours: 101.83 euros/MWh05:00 to 06:00 hours: 101.88 euros/MWh06:00 to 07:00 hours: 110.77 euros/MWh07: 00 to 08:00 hours: 115.73 euros/MWh08:00 to 09:00 hours: 116.61 euros/MWh09:00 to 10:00 hours: 114.94 euros/MWh10:00 to 11:00 hours: 103 .50 euros/MWh11:00 a.m. to 12:00 p.m.: 82.50 euros/MWh12:00 a.m. to 1:00 p.m.: 81.00 euros/MWh13:00 a.m. to 2:00 p.m.: 76.41 euros/MWh14:00 a.m. 15:00: 60.00 euros/MWh15:00 to 16:00 hours: 40.00 euros/MWh16:00 to 17:00 hours: 35.00 euros/MWh17:00 to 18:00 hours: 60.91 euros /MWh18:00 to 19:00 hours: 81.73 euros/MWh19:00 to 20:00 hours: 112.94 euros/MWh20:00 to 21:00 hours: 115.45 euros/MWh21:00 to 22:00 hours: 114.94 euros/MWh22:00 to 23:00 hours: 110.00 euros/MWh23:00 to 24:00 hours: 89.99 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.

* This website provides news content gathered from various internet sources. It is crucial to understand that we are not responsible for the accuracy, completeness, or reliability of the information presented Read More

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.

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