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

Date: June 18, 2024 Time: 01:36:26

The price of electricity this Wednesday, September 13, gives consumers a break and drops again. Thanks to this, appliances with the highest electrical consumption, such as the washing machine or dishwasher, can be used without having a significant impact on the electricity bill. For regulated rate customers linked to the wholesale market, it will drop by 6.93% compared to this Tuesday, to 108.57 euros per megawatt hour (MWh).

In these first thirteen days of the month, the average of the electricity market stands at 101.93 euros/MWh, compared to the 156.42 euros/MWh that the ‘pool’ price registered in the same period of 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 again at 0 euros/MWh, a situation that has been repeated since February 27.

By time slots, the maximum price, of 137.5 euros/MWh, will be recorded in two peaks, one between 8:00 and 9:00 a.m. and the second between 8:00 p.m. and 9:00 p.m., while the minimum price will occur between 3:00 p.m. and 4:00 p.m., with 90.55 euros/MWh, according to provisional data from the Iberian Energy Market Operator (OMIE) collected by Europa Press.

The most expensive and cheapest hours of electricity on Wednesday, September 13

From 00:00 to 01:00 hours: 114.18 euros/MWhFrom 01:00 to 02:00 hours: 100.00 euros/MWhFrom 02:00 to 03:00 hours: 97.89 euros/MWhFrom 03:00 to 03:00 04:00 hours: 93.84 euros/MWhFrom 04:00 to 05:00 hours: 93.00 euros/MWhFrom 05:00 to 06:00 hours: 93.21 euros/MWhFrom 06:00 to 07:00 hours: 107.18 euros/MWhFrom 07:00 to 08:00 hours: 123.27 euros/MWhFrom 08:00 to 09:00 hours: 137.50 euros/MWhFrom 09:00 to 10:00: 124.91 euros/MWhDe 10:00 a.m. to 11:00 a.m.: 103.21 euros/MWhFrom 11:00 a.m. to 12:00 p.m.: 96.86 euros/MWhFrom 12:00 p.m. to 1:00 p.m.: 94.97 euros/MWhFrom 1:00 p.m. to 2:00 p.m. :00 hours: 93.00 euros/MWhFrom 2:00 p.m. to 3:00 p.m.: 91.76 euros/MWhFrom 3:00 p.m. to 4:00 p.m.: 90.55 euros/MWhFrom 4:00 p.m. to 5:00 p.m.: 91 .93 euros/MWh From 5:00 p.m. to 6:00 p.m.: 100.27 euros/MWh From 6:00 p.m. to 7:00 p.m.: 116.87 euros/MWh From 7:00 p.m. to 8:00 p.m.: 130.01 euros/MWh 20:00 to 21:00 hours: 137.50 euros/MWhFrom 21:00 to 22:00 hours: 133.48 euros/MWhFrom 22:00 to 23:00 hours: 126.13 euros/MWhFrom 23:00 to 24:00 :00 hours: 114.18 euros/MWh

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. 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 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.

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.

The Iberian exception

The so-called ‘Iberian exception’ has been extended until December 31, after 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 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. Now, it will increase 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 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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