The price of light today in the wholesale market rises 8.4%. Check the cost of electricity hour by hour for this Thursday, February 2
The price of electricity today returns to the path of growth. This Thursday, February 2, the cost of electricity breaks its downward trend and rises again by 8.44% and stands at 137.51 euros/MWh, as reported by the Iberian Energy Market Operator (OMIE). . With this trend, the continuous decline of recent weeks is broken, although still far from the prices we paid a year ago on the eve of the start of the war in Ukraine.
Hence, experts recommend that consumers pay attention to what are the most beneficial hours for their pockets when starting up the most energy-consuming household appliances. Energy saving specialists advise families to pay attention to the five household appliances that consume the most electricity: the dryer, the dishwasher, the refrigerator, the washing machine and the television.
Greater contribution of renewable energies
These more contained prices are largely due to the favorable weather conditions in Spain, with abundant rains that have filled the swamps, added to the abundance of wind throughout the peninsula. Thus, Red Eléctrica communicates that so far this year most days the production of green energy far exceeds the rest. This Wednesday renewables accounted for 56% of the energy generated.
Also the price of gas, lower at the end of the year, is helping to reduce bills in companies and homes. However, experts remain vigilant to one of the major factors that affect the cost of electricity, the price of gas, highly conditioned by the weather but also by the war in Ukraine.
Another factor that is helping these savings is the ‘Iberian exception’ mechanism that establishes a ceiling on the price of gas for electricity generation. Without it this Monday, the price of electricity in Spain would be an average of 149.41 euros/MWh, which is 11.9 euros/MWh more than with the compensation for customers of the regulated rate, who will thus pay 7 .96% less than average.
Extension of the Iberian exception
Precisely both Spain and Portugal have started the process to request Europe to extend the Iberian exemption beyond May, as planned. Third Vice President Teresa Ribera has shown her optimism that this be achieved after the meeting held with the Competition Commissioner, Margrethe Vestager. This mechanism has made it possible to lower the bill of households and companies by 4,577 million euros, according to the calculations of the Ministry for the Ecological Transition.
The countries of the European Union agreed in December to apply a ceiling of 180 euros per megawatt hour to imported gas. The mechanism will come into operation on February 1 and will be activated automatically as soon as the three set requirements are met: a price above 180 euros/MWh for three consecutive days and with a difference of 35 euros compared to other international markets. Once activated, the mechanism will apply for 20 days.
The Iberian mechanism impacts the price of gas used to produce electricity in combined cycle plants. In other words, initially the cap on European gas will not have an impact on the Spanish market.
Price of electricity today by the hour
The electricity tariff on the wholesale market directly influences the final cost that consumers have to pay to start up their household appliances hour by hour:
Price of electricity today Thursday, February 2, hour by hour
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cheapest hour
from 04:00 to 05:00, with 113.74 euros/MWh -
most expensive hour
from 08:00 to 09:00, with 181.93 euros/MWh
In this way, today the cheapest hour is not very profitable for consumers as it coincides with the period from four to five in the morning, with a price of 113.74 euros/MWh, while the most expensive is shortly after, from eight to nine in the morning, with 181.93 euros/MWh.
The effectiveness of the Iberian exception
The ‘Iberian mechanism’, which came into force on June 15, limits the price of gas for electricity generation to an average of 48.8 euros per MWh for a period of twelve months, thus covering winter, the period in which that energy prices tend to be higher. This mechanism was approved after the price of light reached a maximum of 700 euros per megawatt hour in March of this year. The so-called ‘Iberian exception’ sets a path for natural gas for electricity generation from 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 measure.
The average price of electricity for regulated rate customers linked to the wholesale market was 212 euros/MWh in 2022 until June 15 (before the entry into force of the gas cap), while in the rest of the year ( taking into account the calculation with this exceptional mechanism) the average price was 208 euros/MWh. If this measure had not existed, the average price of electricity between June 15 and December 31, 2022 would have been 256 euros/MWh, that is, 23% higher than what consumers have paid.
The prices of the ‘pool’ have a direct impact on the regulated tariff -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 . For this reason, one more day the price of electricity will vary significantly from hour to hour throughout the day again, depending on the tolls and charges established in each of the hourly bands of the electricity tariff.
One of the keys to saving is to use the eco mode of devices such as the dishwasher
Tips for household appliances that consume the most
In all homes we have large electrical consumption appliances. According to a study by the OCU, the household appliances that require the most energy are, in this order: dryer, dishwasher, refrigerator, washing machine and television.
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 avoid that the door remains open for too long. When choosing its location, it is very important that the fridge is located away from the oven, a radiator or a sunny window or balcony.
Other tips that serve to save on the electricity bill are not leaving mobile chargers or headphones connected for longer than necessary, turning off devices that are not being used, not leaving the television on if it is not being watched, etc.