Tue. Feb 27th, 2024

The price of electricity goes up tomorrow. Customers with a regulated rate linked to the wholesale market will pay up to 48.1% more and will be aware of the cheapest hours of the day to save when using some appliances such as the washing machine or dishwasher. They are the ones we consume the most, even more so during these Christmas periods when family gatherings make some of them more used, such as the oven for roasts. On average, customers will pay 93.46 euros per megawatt hour (MWh).

The cheapest electricity price tomorrow.

On the day after Christmas, the most expensive price, 141.20 euros/MWh, will be recorded between 8:00 p.m. and 9:00 p.m., while the cheapest price, 73.02 euros/MWh, will be recorded It will take place between 3:00 p.m. and 4:00 p.m., according to provisional data from the Iberian Energy Market Operator (OMIE).

The price of electricity tomorrow by the hour.

00.00 to 01.00: 93.24 euros/MWh01.00 to 02.00: 90.78 euros/MWh02.00 to 03.00: 90.78 euros/MWh03.00 to 04.00: 80.0 euros/MWh04.00 to 05.00: 77, 82 euros/MWh05. 00 to 06.00: 82.0 euros/MWh06.00 to 07.00: 94.0 euros/MWh07.00 to 08.00: 96.4 euros/MWh08.00 to 09.00: 97.7 euros/MWh09, 00 to 10.00: 96.96 euros/MWh10.00 to 11.00: 94.1 euros/ MWh11.00 to 12.00: 90.78 euros/MWh12.00 to 13.00: 82.0 euros/ MWh13.00 to 14.00: 76.47 euros/MWh14.00 to 15.00: 73.37 euros/MWh15.00 to 16.00: 73.02 euros/MWh16.00 to 17.00: 89.0 euros/ MWh17.00 to 18.00: 97.12 euros/MWh18.00 to 19.00: 111.93 euros/MWh19.00 to 20.00: 110.89 euros/MWh20.00 to 21.00: 141.2 euros/MWh21.00 to 22.00: 10 9.21 euros/MWh22. 00 to 23.00: 99.46 euros/MWh 23.00 to 24.00: 94.78 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 regulated electricity rate, it is expected to give more stability to the electricity market.

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.

Comparison with last year’s price

Today’s increase of 48.1% represents 20% more than the average price recorded on the same day last year, which was 77.32 euros/MWh. In the context of the month of December, the current average price of the electricity pool is 71.45 euros/MWh, in contrast to 96.95 euros/MWh in 2022.

Compensation for gas companies

In addition to the ‘pool’ price, compensation to gas operators is added, a cost that falls on consumers of the regulated tariff (PVPC) or those with an indexed tariff. This compensation has been at zero euros/MWh since the end of February.

What is the Iberian exception?

The ‘Iberian exception’, a measure implemented by Spain and Portugal to control prices, is scheduled to end on December 31. This mechanism, which has helped to decouple the price of electricity from natural gas, will no longer be viable according to the European Commission.

The third vice president and Minister of Ecological Transition, Teresa Ribera, has indicated that prices have stabilized and are below the levels recorded at the end of last year. However, the ‘Iberian’ mechanism is expected to decline at the end of December.


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