The price of electricity plummets this Saturday.
The price of electricity for regulated rate customers plummeted 19.4%, to 302.78 euros / MWh. Check the price of electricity in detail for today September 3
The price of electricity registers a significant drop today, Saturday, in what will be the third consecutive day of price drops. Today’s decline will be 19.4% compared to the previous day. In this way, families will see their electricity bills ease significantly compared to last week’s increases. In any case, it is advisable to be aware of the cheapest hours to start up the most consuming appliances, such as washing machines, ovens and dishwashers.
Thus, this Saturday, September 3, the cost of electricity will be 302.78 euros/MWh in the wholesale market, according to provisional data from the Iberian Energy Market Operator (OMIE), its lowest level since the past 22 of August. In this way, the price continues to move away from the maximum levels of the beginning of the week, when last Wednesday it reached an average of 476.39 euros/MWh, the highest value since the entry into force of the ‘Iberian exception’ and the second highest price in history for regulated rate customers linked to the wholesale market, only behind the record of 544.98 euros/MWh registered on March 8, before the application of the ‘gas cap’
This drop will continue thanks to the reduction in VAT on gas approved by the Government and which will be in force between October and December. After the announcement by the President of the Government, Pedro Sánchez, it is time to do accounts for the millions of households that use this raw material to heat their homes or the water in the shower and the kitchen, facing the autumn and winter months, the period in which those bills rise exponentially due to increased consumption. An average gas bill of 100 euros per month will amount to around 86.80 euros when the VAT measure is applied.
Compensation at the price of electricity today
And all this after applying the compensation of the gas ceiling to the electricity companies, which today Saturday represents an extra in the price of electricity of 183.56 euros/MWh. This compensation will mean that the user covered by the PVPC rate will not benefit as much from the gas cap and, therefore, will see that their electricity bill at the end of the month is not cut as much.
In a context of continuous price rises for all kinds of products, consumers are forced to plan in detail when to carry out household tasks that depend on their appliances. Thus, checking hourly hourly rates is a great help for households, since hourly energy savings improve our economy.
Electricity price today Saturday for hours
The electricity rate of the wholesale market directly influences the final cost that the consumer has to pay to start up their appliances hour by hour, hence the price of electricity today is set at 302.78 euros per megawatt hour (MWh).
Electricity rate today September 3, 2022
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cheapest hour
5:00 p.m. – 6:00 p.m., with 23.77 euros/MWh -
most expensive hour
10:00 p.m. – 11:00 p.m., with 206.8 euros/MWh
With these records in mind, today Saturday it will be key to know what time the electricity price is cheapest.
Why is the light so high now? Russia and drought
This spiral of electricity prices so high that has occurred over the last week is driven by levels of the price of natural gas at maximum levels, mainly due to the announcement by the Russian company Gazprom to cut from August 31 and for three days pumping gas to Germany. However, gas futures contracts in the Dutch TTF market fell by more than 17% at the start of the week, standing below 280 euros/Mwh for contracts for September. In the absence of the so-called ‘Iberian exception’, the price of electricity would be 521 euros/Mwh, 62 euros more.
The price of electricity is higher in Spain due to the use of combined cycle plants to produce electricity through gas. 35% of the electricity mix was covered this Monday with energy from these plants, compared to the average for last year, around 22%. The cycles are more necessary because hydroelectric production is at a minimum (4% of the total), and renewables barely contribute 34%. The usual thing is that they cover half of the consumption, a circumstance that usually allows lower prices.
Iberian exception to contain the price of electricity
The Iberian mechanism, which entered into force on June 15, limits the price of gas for electricity generation to an average of 48.8 euros per MWh over a period of twelve months, thus covering the coming winter, a period in which energy prices are more expensive. Specifically, the ‘Iberian exception’ sets a path for natural gas for electricity generation at a price of 40 euros/MWh. in the initial six months, and subsequently, a monthly increase of five euros/MWh. until the end of the measurement.
The prices of the ‘pool’ have a direct impact on the regulated rate -the so-called PVPC-, to which almost 11 million consumers in the country are covered, and serve as a reference for the other 17 million who have contracted their supply in the free market .
Therefore, one more day the price of electricity will vary significantly hour by hour throughout the day, depending on the tolls and charges established in each of the time slots of the electricity rate. In fact, the National Commission of Markets and Competition (CNMC) has verified that in 2021, in the framework of the upward spiral of energy, around 1.25 million people switched from the PVPC to a rate in the free market at a fixed price.
Appliances that consume the most
In all homes we have appliances with high electrical consumption. According to a study by the OCU, the household appliances that require the most energy are, in this order: refrigerator (662 kWh per year on average), freezer (563 kWh), television (263 kWh), washing machine (255 kWh), dryer (255 kWh) and dishwasher (246 kWh). As for the first two, essential for families, it is clear that there is not much room for savings since it is not possible to disconnect them.
What consumers can do is make the most of the capacity of the refrigerators and adjust the thermostat between 4 and 6º, and above all prevent the door from being left open for too long. When choosing its location it is very important that the refrigerator is located away from the oven, a radiator or a sunny window or balcony.
Other tips that serve to save on electricity bills are not leaving mobile chargers or headphones connected for longer than necessary, turning off devices that are not being used, not leaving the TV on if you are not watching, etc.