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The price of electricity falls tomorrow Thursday: the cheapest hours to put the washing machine

Date: May 30, 2024 Time: 19:54:47

132.91 euros per megawatt hour (MWh). In this way, the price of electricity will end the streak of five consecutive days on the rise. However, and despite this slight drop, the price will be the second highest so far in August and also throughout the summer, only behind the 134.94 euros/MWh of this Wednesday.

These high electricity prices these days are recorded in an environment of rising natural gas prices and demand, in the midst of a heat wave, the fourth so far this summer. In these first 24 days of the month, the average for the electricity market is above 95.8 euros/MWh, compared to the 154.89 euros/MWh registered in August 2022.

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 most expensive and cheapest hours of light on August 24

By time slots, the maximum price, of 171.16 euros/MWh, will be recorded between 9:00 p.m. and 10:00 p.m., while the minimum price will be between 1:00 p.m. and 2:00 p.m., with 112.27 euros/MWh, according to provisional data from the Iberian Energy Market Operator (OMIE) collected by Europa Press.

Average price of electricity on August 24: 132.91 euros/MWh. Lowest electricity price on August 24: 112.27 euros/MWh. Highest electricity price on August 24: 171.16 euros/MWh.

The price of light per hour.

From 00:00 to 01:00: 145.0 euros/MWh. From 01:00 to 02:00 hours: 138.87 euros/MWh. From 02:00 to 03:00 hours: 124.79 euros/MWh. From 03:00 to 04:00: 124.79 euros/MWh. From 04:00 to 05:00: 120.0 euros/MWh. From 05:00 to 06:00: 126.0 euros/MWh .From 06:00 to 07:00 hours: 139.47 euros/MWh.From 07:00 to 08:00 hours: 152.53 euros/MWh.From 08:00 to 09:00: 154.94 euros/MWh .From 9:00 a.m. to 10:00 a.m.: 131.97 euros/MWh. From 10:00 a.m. to 11:00 a.m.: 122.47 euros/MWh. From 11:00 a.m. to 12:00 p.m.: 112.61 euros/MWh. From 12:00 p.m. to 1:00 p.m.: 115.0 euros/MWh. From 1:00 p.m. to 2:00 p.m.: 112.27 euros/MWh. From 2:00 p.m. to 3:00 p.m.: 113.0 euros/MWh. From 3:00 p.m. to 4:00 p.m.: 117.94 euros/MWh From 4:00 p.m. to 5:00 p.m.: 118.63 euros/MWh. From 5:00 p.m. to 6:00 p.m.: 112.72 euros/MWh. MWh. From 7:00 p.m. to 8:00 p.m.: 147.27 euros/MWh. From 8:00 p.m. to 9:00 p.m.: 163.88 euros/MWh. From 9:00 p.m. to 10:00 p.m.: 171.16 euros /MWh. From 10:00 p.m. to 11:00 p.m.: 159.7 euros/MWh. From 11:00 p.m. to 12:00 a.m.: 140.04 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.

Electricity demand marks August highs

The electricity demand has reached its highest level so far in August in the middle of the fourth heat wave of the summer, which will continue until at least next Thursday and will leave maximum temperatures above 40 degrees. The electricity demand is driven by the worsening of the heat wave this Wednesday in the north of Spain with temperatures of up to 42 degrees in the Basque Country, where the red alert for extreme risk has been activated for today and tomorrow.

Meanwhile, in the northeast and the western fringe of the country the maximum will continue to be above 40 degrees, and from 34 to 36 in the interior of the peninsula and the Balearic Islands. These high temperatures are encouraging Spaniards to resort to air conditioning units and ventilation systems that increase electricity demand, to the point that on Tuesday night, after 9:30 p.m., a new maximum was reached in the what about august

Thus, at 9:30 p.m. on Tuesday, the peninsular system of Red Eléctrica, the system operator, registered a demand of 35,257 MW, the highest so far in August. Regarding this Wednesday, Red Eléctrica expects demand to reach

Not as much demand as in June or July

Electricity demand has exceeded 35,000 MW for two consecutive days, figures that have not been seen for a month. In fact, you have to go back to July 20 to see a higher value than those marked during the last two days -36,154 MW at 2:27 p.m.-. Despite the highness of these figures, the demand for electricity registered this Tuesday night is still below the maximum reached last July, when on Wednesday the 19th it reached 37,279 MW.

In August of last year, the demand for electricity in the peninsular system reached 36,435 MW. Just like what is happening this year at the moment, also in 2022 July was the summer month in which the most electricity was demanded (38,284 MW on July 14, 2022).

* 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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