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This Sunday’s electricity price sub: the cheapest time to put on the washing machine

Date: May 29, 2024 Time: 20:20:12

The price of electricity this Sunday, September 10 in Spain despite the weekend with a slight increase of 1.36%, leaving a price that does not fall below the barrier of 100 euros per megawatt hour (MWh), but rub. Throughout the day, 12 hours will exceed that figure and many of them are periods in which many appliances are not usually used. To avoid an increase in the electricity bill this Saturday, 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. The price today, Saturday, reaches 100.7 euros MWh.

The most expensive and cheapest hours of electricity on Sunday, September 10

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 45.36 euros/MWh, according to provisional data from the Iberian Energy Market Operator (OMIE)

​Average electricity price for Sunday, September 10: 102.07 euros megawatt/hour. Most expensive electricity price for Sunday, September 10, 129.11 euros megawatt/hour. Cheapest electricity price for Sunday, September 10 : 45.36 euros megawatt/hour.

Price of electricity today by time slots

From 00:00 to 01:00 hours: 94.96 euros/MWh. From 01:00 to 02:00 hours: 90.1 euros/MWh. From 02:00 to 03:00 hours: 88.43 euros/MWh. From 03:00 to 04:00 hours: 86.2 euros/MWh.​From 04:00 to 05:00 hours: 81.62 euros/MWh.​From 05:00 to 06:00 hours: 80.82 euros /MWh.​From 06:00 to 07:00 hours: 88.37 euros/MWh.​From 07:00 to 08:00 hours: 103.91 euros/MWh.​From 08:00 to 09:00 hours: 104.69 euros/MWh.​From 09:00 to 10:00 hours: 83.83 euros/MWh.​From 10:00 to 11:00 hours: 70.23 euros/MWh.​From 11:00 to 12 :00 hours: 69.55 euros/MWh. From 12:00 to 13:00 hours: 69.16 euros/MWh. From 1:00 p.m. to 2:00 p.m.: 68.91 euros/MWh. From 2:00 p.m. to 3:00 p.m.: 60.01 euros/MWh. From 3:00 p.m. to 4:00 p.m.: 45.42 euros/MWh. From 4:00 p.m. to 5:00 p.m.: 45.36 euros/MWh. From 5:00 p.m. to 6:00 p.m.: 49.28 euros/MWh. From 6:00 p.m. to 7:00 p.m.: 68 euros/MWh. From 7:00 p.m. to 8:00 p.m.: 77.69 euros/MWh. From 8:00 p.m. to 9:00 p.m.: 105.47 euros/MWh. From 9:00 p.m. to 10:00 p.m.: 129.11 euros/MWh. From 10:00 p.m. to 11:00 p.m.: 115.32 euros/MWh. From 11:00 p.m. to 12:00 p.m.: 108.96 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.

* 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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