The price of electricity goes up tomorrow. In total, consumers will have sixteen hours at zero euros this March 24 to use the most consumed appliances, such as the washing machine or dishwasher. Everyone who takes advantage of this low price will be able to save on their electricity bill. Regulated rate customers linked to the wholesale market will pay 232.84% more than this March 23 after the price in some bands skyrocketed. On average, the price of electricity remains at 6.69 euros per megawatt hour (MWh). Setting the washing machine to the cheapest hours, the oven or the appliances that consume the most is a formula that experts always recommend to save on the electricity bill.
The most expensive and cheapest hours
The maximum price, of 34.84 euros/MWh, will be recorded between 9:00 p.m. and 10:00 p.m., while the minimum price, there will be sixteen hours at 0 euros/MWh, will occur between 00:00 a.m. and 5:00 p.m., according to data from the Operator of the Iberian Energy Market (OMIE).
The price of electricity per hour.
From 00:00 to 01:00 hours: 0 euros/MWhFrom 01:00 to 02:00 hours: 0 euros/MWhFrom 02:00 to 03:00 hours: 0 euros/MWhFrom 03:00 to 04:00 hours: 0 euros/MWhFrom 04:00 to 05:00 hours: 0 euros/MWhFrom 05:00 to 06:00 hours: 0 euros/MWhFrom 06:00 to 07:00 hours: 0 euros /MWhFrom 07:00 to 08:00 hours: 0 euros/MWhFrom 08:00 to 09:00 hours: 0 euros/MWhFrom 09:00 to 10:00 hours: 0 euros/MWhFrom 10 :00 to 11:00 hours: 0 euros/MWhFrom 11:00 to 12:00 hours: 0 euros/MWhFrom 12:00 to 13:00 hours: 0 euros/MWhFrom 13:00 to 14: 00 hours: 0 euros/MWhFrom 2:00 p.m. to 3:00 p.m.: 0 euros/MWhFrom 3:00 p.m. to 4:00 p.m.: 0 euros/MWhFrom 4:00 p.m. to 5:00 p.m.: 0 euros /MWhFrom 5:00 p.m. to 6:00 p.m.: 0.33 euros/MWhFrom 6:00 p.m. to 7:00 p.m.: 2.95 euros/MWhFrom 7:00 p.m. to 8:00 p.m.: 16.22 euros/MWhFrom 8:00 p.m. to 9:00 p.m.: 33.53 euros/MWhFrom 9:00 p.m. to 10:00 p.m.: 34.84 euros/MWhFrom 10:00 p.m. to 11:00 p.m.: 34. 08 euros/MWhFrom 11:00 p.m. to 12:00 p.m.: 33.6 euros/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.
