The price of electricity this Monday, September 11 in Spain starts the week with a notable increase of 14.57%, leaving a price that does not fall below the barrier of 100 euros per megawatt hour (MWh). To avoid an increase in the electricity bill this Monday, there will be many regulated tariff customers linked to the wholesale market who will look for the most expensive and cheapest hours of electricity to help save at the height of September and try to put the washing machine on those periods. This Monday’s price reaches 116.94 euros MWh.
The most expensive and cheapest hours of electricity on Monday, September 11
By time slots, the maximum price, of 129.11 euros/MWh, will be recorded between 9:00 p.m. and 10:00 p.m., while the minimum price will be between 4:00 p.m. and 5:00 p.m., with 45.45 euros/MWh, according to provisional data from the Iberian Energy Market Operator (OMIE)
Average electricity price for Monday, September 11: 81.76 euros megawatt/hour Most expensive electricity price for Monday, September 11, 113.95 euros megawatt/hour September: 45.45 euros megawatt/hour.
Price of electricity this Monday by time slots
From 00:00 to 01:00 hours: 99.99 euros/MWh From 01:00 to 02:00 hours: 96.94 euros/MWh From 02:00 to 03:00 hours: 96 euros/MWh From 03:00 to 04:00 hours: 84.17 euros/MWh.From 04:00 to 05:00 hours: 82 euros/MWh.From 05:00 to 06:00 hours: 88.51 euros/MWh.From 06 :00 to 07:00 hours: 97.45 euros/MWh.From 07:00 to 08:00 hours: 109.93 euros/MWh.From 08:00 to 09:00 hours: 103.71 euros/MWh .From 09:00 to 10:00 hours: 88.76 euros/MWh.From 10:00 to 11:00 hours: 70 euros/MWh.From 11:00 to 12:00 hours: 65.61 euros /MWh.From 12:00 to 13:00 hours: 65.01 euros/MWh.From 13:00 to 14:00 hours: 64.81 euros/MWh.From 14:00 to 15:00: 64.21 euros /MWh. From 3:00 p.m. to 4:00 p.m.: 50.26 euros/MWh. From 4:00 p.m. to 5:00 p.m.: 45.45 euros/MWh. From 5:00 p.m. to 6:00 p.m.: 45.57 euros/MWh. From 6:00 p.m. to 7:00 p.m.: 45.76 euros/MWh. From 7:00 p.m. to 8:00 p.m.: 69.59 euros/MWh. From 8:00 p.m. to 9:00 p.m.: 100.3 euros/MWh. From 9:00 p.m. to 10:00 p.m.: 112.61 euros/MWh. From 10:00 p.m. to 11:00 p.m.: 113.95 euros/MWh.From 11:00 p.m. to 12:00 p.m.: 101.66 euros/MWh.
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 new regulated electricity rate, 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, following the agreement reached by Spain and Portugal with the European Commission. Thus, it is extended by seven months, until the end of this year, and it is not excluded that it could be extended longer if said framework is also extended.
Specifically, the agreement not only represents an extension of the Iberian exception that was already applied, but also involves some adjustments to accommodate it, such as the price reference, which until now was increased by five euros per month, and will now be softer.
In the original agreement, the reference price cited for gas had an average value of 48.8 euros/MWh: it was 40 euros/MWh for six months, rising by 5 euros/MWh each month thereafter. Now, it will increase by 1.1 euros/MWh since last April, to conclude at 65 euros/MWh.
Currently, the mechanism has not had any effect on the marginal matching processes in the wholesale markets since the end of February, due to the drop in the price of natural gas below the thresholds set for its application, but, if necessary, the extension will allow Maintain a reasonable price, not so dependent on the evolution of natural gas.
