The price of electricity drops tomorrow. Regulated rate customers linked to the wholesale market will notice a big price difference tomorrow when they use their appliances because compared to today’s price, electricity will cost 17.3% less on the second day of December. Finding the cheapest times of day to, for example, run the washing machine or dishwasher will also help reduce your electricity bill.
By time slots, the highest price, 129.64 euros/MWh, will be recorded between 7:00 p.m. and 8:00 p.m., while the cheapest price, 56 euros/MWh, will be reached between 2:00 p.m. and 3:00 p.m., according to provisional data from the Iberian Energy Market Operator (OMIE). On average, customers will pay just over 80 euros for electricity tomorrow.
The price of electricity per hour.
From 00:00 to 01:00: 64.25 euros/MWhFrom 01:00 to 02:00: 57.0 euros/MWhFrom 02:00 to 03:00: 59.4 euros/MWhFrom 03:00 to 04:00 : 57.5 euros/MWhFrom 04:00 to 05:00: 65.0 euros/MWhFrom 05:00 to 06:00: 65.5 euros/MWhFrom 06:00 to 07:00: 67.99 euros/ MWhFrom 07:00 to 08:00: 85.33 euros/MWhFrom 08:00 to 09:00: 97.67 euros/MWhFrom 09:00 to 10:00: 88.31 euros/MWhFrom 10:00 to 11:00 : 67.5 euros/MWhFrom 11:00 to 12:00: 60.0 euros/MWhFrom 12:00 to 13:00: 57.0 euros/MWhFrom 13:00 to 14:00: 57.5 euros/MWh MWhFrom 2:00 p.m. to 3:00 p.m.: 56.0 euros/MWhFrom 3:00 p.m. to 4:00 p.m.: 57.5 euros/MWhFrom 4:00 p.m. to 5:00 p.m.: 67.9 euros/MWhFrom 5:00 p.m. to 6:00 p.m. :00: 105.03 euros/MWhFrom 18:00 to 19:00: 116.36 euros/MWhFrom 19:00 to 20:00: 129.64 euros/MWhFrom 20:00 to 21:00: 122.63 euros/MWh MWhFrom 21:00 to 22:00: 116.83 euros/MWhFrom 22:00 to 23:00: 112.78 euros/MWhFrom 23:00 to 24:00: 110.0 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.
What has happened to the price of electricity?
The month of November came to an end with a surprise for electricity consumers in Spain. The average price of the electricity market, known as ‘pool’, stood at 63.4 euros/MWh, almost half compared to 124 euros/MWh in the same month last year, considering the extra cost related to the price of gas . Furthermore, this price is the lowest recorded since March 2021, when it reached 45.44 euros/MWh.
However, it is important to note that this price does not include the gas price cap, which was removed at the end of February. Although the average price of the electricity pool has stood at 0 euros/MWh since then, the consumers who benefit from this measure must compensate the gas operators for the Iberian exception.
The so-called ‘Iberian exception’ will be extended until December 31, thanks to an agreement between Spain and Portugal with the European Commission. This seven-month extension includes some adjustments, such as a softer price reference, instead of a fixed monthly increase of five euros per month.
The reference price for gas in the original agreement was 48.8 euros/MWh, starting at 40 euros/MWh for six months and increasing by 5 euros/MWh each month thereafter. Since April, it has increased by 1.1 euros/MWh, reaching 65 euros/MWh.
Although this mechanism has not had an effect on wholesale markets since February due to the reduction in the price of natural gas, the extension guarantees a more reasonable price, less dependent on the evolution of natural gas, if necessary.
What does Iberian exception mean?
The ‘Iberian exception’ is a measure that allows the cap on the price of gas to be eliminated, benefiting electricity consumers in Spain and Portugal. This measure was extended until December 31 and was agreed with the European Commission to ensure a more reasonable price for electricity in the region.
THE NAIS IS OFFICIAL EDITOR ON NAIS NEWS