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The price of electricity this February 24 by hour: when is it cheapest and most expensive

Date: April 21, 2024 Time: 21:02:55

The price of electricity goes up tomorrow. The cost of electricity leaves behind the sharp falls of the previous days and regulated tariff customers linked to the wholesale market will pay 3.27% more on February 24. On average, the price of electricity remains at 6.72 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 32.37 euros/MWh, will be recorded between 8:00 p.m. and 9:00 p.m., while the minimum price, -0.62 euros/MWh, will be recorded between 3:00 p.m. and 4:00 p.m., according to the data of the Iberian Energy Market Operator (OMIE).

The price of electricity tomorrow by the hour.

From 00:00 to 01:00 hours: 7.38 euros/MWh​From 01:00 to 02:00 hours: 4.97 euros/MWh​From 02:00 to 03:00 hours: 3.11 euros/MWh ​From 03:00 to 04:00 hours: 4.09 euros/MWh​From 04:00 to 05:00 hours: 4.91 euros/MWh​From 05:00 to 06:00 hours: 4.91 euros/MWh MWhFrom 06:00 to 07:00 hours: 6.02 euros /MWh​From 07:00 to 08:00 hours: 8.02 euros/MWh​From 08:00 to 09:00 hours: 7.34 euros/MWh ​From 09:00 to 10:00 hours: 3.62 euros/MWh​From 10:00 to 11:00 hours: 3.13 euros/MWh​From 11:00 to 12:00 hours: -0.09 euros /MWh​From 12:00 to 13:00 hours: -0.28 euros/MWh​From 13:00 to 14:00 hours: -0.44 euros/MWh​From 14:00 to 15:00 hours: – 0.55 euros/MWh​From 3:00 p.m. to 4:00 p.m.: -0.62 euros/MWh​From 4:00 p.m. to 5:00 p.m.: -0.31 euros/MWh​From 5:00 p.m. to 6:00 p.m.: 00 hours: 3.04 euros/MWh​From 18:00 to 19:00 hours: 8.22 euros/MWh​From 19:00 to 20:00 hours: 16.33 euros/MWh​From 20:00 to 21 :00 hours: 32.37 euros/MWh​From 9:00 p.m. to 10:00 p.m.: 25 euros/MWh​From 10:00 p.m. to 11:00 p.m.: 14 euros/MWh​From 11:00 p.m. to 12:00 p.m. : 9.43 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.

* 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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