2023-10-16 08:36:50
Monday, October 16, 2023, 08:36 | Updated 10:00 a.m.
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The price of electricity goes up. Today, Tuesday, October 16, the cost of electricity in the wholesale market (‘pool’) increases and remains above the barrier of 100 euros / MWh. For this reason, the consumer covered by a regulated tariff must know the retail price of electricity in each of the time sections of the day, so that he or she can turn on the appliances in the home at the cheapest hours. With this, you will be able to reduce electricity consumption with the washing machine, oven or dishwasher, and you will save on your electricity bill at the end of the month.
The price of electricity goes up today
The price of electricity today grows to 141.05 euros per megawatt hour (MWh), according to the Iberian Energy Market Operator (OMIE), which represents an increase in the pool of 6.7% with compared to the previous day (132.19 euros / MWh.). It so happens that the cost of electricity in October registers an average cost of 115.7 euros per megawatt hour, compared to 143.08 euros in the same month of 2022.
Price of electricity in the wholesale market
Sunday, October 15: 132.19 euros / MWh.
Saturday, October 14: 135.13 euros / MWh.
Friday, October 13: 118.64 euros / MWh.
Thursday, October 12: 121.95 euros / MWh.
Wednesday, October 11: 123.59 euros / MWh.
The cost of electricity in the wholesale market is transferred daily to the consumer’s bill. In it, the costs of adjustment services, marketing, financing, tolls and charges such as interruptibility or auction deficits, among others, are also applied. Thus, according to data from Red Eléctrica, the average price of electricity today is 0.216 euros / kWh, compared to 0.1833 euros per kilowatt hour the previous day.
Price of electricity for the consumer
Sunday, October 15: 0.1833 euros / kWh.
Saturday, October 14: 0.1789 euros / kWh.
Friday, October 13: 0.1942 euros / kWh.
Thursday, October 12: 0.164 euros / kWh.
Wednesday, October 11: 0.1968 euros / kWh.
Today’s price of electricity and cheap hours
The consumer will enjoy a cheaper electricity bill at the end of the month if they take advantage of the cheapest hours of the day. For this reason, today, Monday, October 16, the most pocket-friendly electricity rate will be in the early morning and early afternoon.
The price of electricity today, October 16
Cheapest time: 04:00 – 05:00 (0.1558 euros / kWh.)
Most expensive time: 19:00 – 20:00 (0.3457 euros / kWh.)
Specifically, the hour with the cheapest electricity price will take place between 04:00 and 05:00, with a cost of 0.1558 euros / kWh. It will be the most recommended time of day for consumers to connect their appliances so they can save on their electricity bill at the end of the month. If you cannot benefit from the cheapest time of day, these are other good times to lower your electricity bill during normal hours:
Cheap hours in the price of electricity today, October 16
03:00 – 04:00: 0,158 euros / kWh.)
15:00 – 16:00: 0,183 euros / kWh.)
14:00 – 17:00: 0,191 euros / kWh.)
On the other hand, the hours when it is least advisable to run the washing machine, oven or dryer will be in the evening. And, above all, from 7:00 p.m. to 8:00 p.m., when the price of the kWh. will rise to 0.3457 euros. However, today, October 16, there are also other peak hours during which consumers should avoid turning on their appliances if they want to lower their electricity bill:
Expensive hours in the price of electricity today, October 16
20:00 – 21:00: 0,277 euros / kWh.)
18:00 – 19:00: 0,267 euros / kWh.)
21:00 – 22:00: 0,259 euros / kWh.)
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