The price of electricity tomorrow, Friday, July 28, falls by 1% amount that will help customers save a few euros on their electricity bills but that forces them to look again for the cheapest time to put the washing machine and avoid paying those minutes that the washing lasts to more than 100 euros megawatt hour (MWh).
So far this month, electricity has been paid on average at 91.7 euros/MWh, compared to 259.7 euros/MWh recorded in the same month of 2022, and since the beginning of this year the average price is 88.7 euros/MWh, less than half compared to 220.2 euros/MWh the previous year.
Likewise, electricity in Spain will tomorrow be 68% cheaper than a year ago, when it reached 308 euros/MWh, although it will be above the main countries in its environment, with the exception of Italy.
The most expensive and cheapest hours of light on Friday, July 28
By time slots, electricity will reach its highest price between 21:00 and 22:00 hours, with 113.8 euros/MWh, and the lowest between 14:00 and 15:00 hours, with 75.7 euros/MWh.according to provisional data from the Iberian Energy Market Operator (OMIE).
Average electricity price on Friday 27 July: 98.3 euros megawatt/hour (MWh)Price of the most expensive light on Friday 27 July: 113.8 euros megawatt/hourCheapest electricity price on Friday 27 July: 75.7 euros megawatt/hour
Factors influencing price escalation
The rise in prices in most European countries is attributed to several factors, including the increase in the price of gas in international markets. This fuel is used in combined cycle power 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 time slot?
The prices of the electricity bill are flexible and are linked to the wholesale electricity market. That is why the price of electricity in each time period is determined based on the energy demand at that time, which leads 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. In addition, it is important to consider that the expenses associated with adjustment services, charges, capacity payments, marketing, tolls and the price for interruptibility, 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 new regulated electricity tariff, it is expected to give more stability to the electricity market.