This July 30 arrives with a new drop in the price of electricity, which is down 18.6% today compared to the previous day. Check the cheapest hours to connect the highest consumption appliances.
The electricity bill will continue to give a small break today thanks to a decrease of 18.6% compared to the previous day. Thus, the price of electricity today drops to 224.8 euros per megawatt hour (MWh), according to provisional data from the Iberian Energy Market Operator (OMIE). This is the second day of consecutive drops after yesterday’s 5.5%, with which consumers see their expenses relieved in a context of notable increase in the prices of all kinds of products and services.
Families seek to know what are the best times to connect the electrical appliances with the highest consumption, especially air conditioners, fans, washing machines and ovens. After marking the maximum peak in the price of electricity this past Thursday, the weekend will be more bearable, as has been happening practically every week as electricity consumption drops.
The price set today Saturday of 224.8 euros/MWh is the result of adding the average price of the auction in the wholesale market to the compensation that the demand will pay to the combined cycle plants for the application of the so-called ‘Iberian exception ‘ that serves to put a maximum cap on the price of gas for the generation of electricity.
In the auction, the average price of electricity in the wholesale market – called ‘pool’ – thus stands for this Saturday at 129.98 euros/MWh. The maximum price will be registered for the third consecutive day in the first hour of the day, with 163.78 euros/MWh, while the minimum for the day, of 114.30 euros/MWh, will occur between 11:00 a.m. and 12:00 p.m. .
To this price of the ‘pool’ is added the compensation of 94.82 euros/MWh to the gas companies that has to be paid by the consumers who benefit from the measure, the consumers of the regulated tariff (PVPC) or those who, despite being in the free market, they have an indexed rate.
Electricity rates today, hour by hour
Cheapest time:
between 11 and 12 hours, with 114.30 euros/MWhMost expensive time:
between 00 and 01 hours, with 163.78 euros/MWh
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 the absence of the ‘Iberian exception’ mechanism to cap the price of gas for electricity generation, the price of electricity in Spain would be on average around 306.58 euros/MWh, which is around 81.78 euros/MWh more than with the compensation for clients of the regulated rate, who will thus pay around 26.6% less on average.
This mechanism will be financed through two channels; on the one hand, with the so-called «congestion rents» -the rents obtained by the manager of the Spanish transmission network as a result of the cross-border electricity trade between France and Spain-; and by a fee imposed by Spain and Portugal on buyers who benefit from the measure.
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.