The average price of electricity for regulated rate customers who are linked to the wholesale market rises tomorrow, Tuesday, August 22, by 2.9% compared to this Monday. The price of electricity will thus stand at 120.67 euros per megawatt hour (MWh) on average and will reach a new maximum so far in August.
In this way, the price of electricity this Tuesday will be the highest in the last two months, having to go back to June 22, when it marked 122.45 euros/MWh, to find a higher increase for one day. In these first 22 days of the month, the electricity market average stands at 92.38 euros/MWh, compared to 154.89 euros/MWh that increased in August 2022.
The most expensive and cheapest hours of light on August 22
By time slots, the maximum price, of 158.61 euros/MWh, will be recorded between 9:00 p.m. and 10:00 p.m., while the minimum price will be given in four hours, between 12:00 p.m. and 4:00 p.m. 00 hours, with 98.51 euros/MWh, according to provisional data from the Iberian Energy Market Operator (OMIE) collected by Europa Press.
Average price of electricity on Tuesday, August 22: 120.67 euros Highest price of electricity on Tuesday, August 22: 158.61 euros/MWh
Price of electricity today by time slots
From 00:00 to 01:00: 136.01 euros/MWh From 01:00 to 02:00: 131.26 euros/MWh From 02:00 to 03:00: 111.6 euros/MWh From 03 From 00:00 to 04:00: 110.0 euros/MWh. From 04:00 to 05:00: 108.7 euros/MWh. From 05:00 to 06:00: 112.04 euros/MWh. 06:00 to 07:00: 132.35 euros/MWh. From 07:00 to 08:00: 139.47 euros/MWh. From 08:00 to 09:00: 137.76 euros/MWh. From 9:00 a.m. to 10:00 a.m.: 118.94 euros/MWh. From 10:00 a.m. to 11:00 a.m.: 102.86 euros/MWh. From 11:00 a.m. to 12:00 p.m.: 99.67 euros/MWh. From 12:00 p.m. to 1:00 p.m.: 99.51 euros/MWh From 1:00 p.m. to 2:00 p.m.: 99.51 euros/MWh. From 2:00 p.m. to 3:00 p.m.: 99.51 euros/MWh. MWh. From 4:00 p.m. to 5:00 p.m.: 102.17 euros/MWh. From 5:00 p.m. to 6:00 p.m.: 110.46 euros/MWh. From 6:00 p.m. to 7:00 p.m.: 118.4 euros /MWh. From 7:00 p.m. to 8:00 p.m.: 138.33 euros/ MWh. From 8:00 p.m. to 9:00 p.m.: 148.53 euros/MWh. From 9:00 p.m. to 10:00 p.m.: 158.61 euros /MWh. From 10:00 p.m. to 11:00 p.m.: 145.8 euros/MWh. From 11:00 p.m. to 12:00 a.m.: 135.14 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, marketing, expenses 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 for seven months, until the end of this year, and it is not excluded that it could be extended for a longer time if said framework is also extended.
Specifically, the agreement not only represents an extension of the Iberian exception that has already been applied, but also implies some adjustments to accommodate it, such as the price reference, which until now increased by five euros per month, and will now be smoother.
In the original agreement, the aforementioned reference price for gas had an average value of 48.8 euros/MWh: it was 40 euros/MWh for six months, rising 5 euros/MWh each month thereafter. Now, it will increase by 1.1 euros/MWh from last April, to conclude at 65 euros/MWh.
Currently, the Mechanism has had no effect on the Marginal Matching Processes in the Wholesale Markets at the end of February, due to the drop in the price of Natu Natural Gas below the thresholds set for its application, but, if necessary, the extension It will allow maintaining a reasonable price, not so dependent on the evolution of natural gas.