The price of electricity remains at very high levels.
The price of electricity for regulated rate customers fell slightly, 0.4%, to 236.14 euros / MWh. Check the price of electricity in detail for today, Wednesday, August 17
The price of electricity today rises. Thus today, Wednesday, August 17, 2022, the average cost of electricity falls by 0.4% in the wholesale market, something that will slightly alleviate the electricity bill at the end of the month. Knowing what time to start the washing machine, use the dishwasher or turn on the air conditioning helps the consumer to pay as little as possible, although this Wednesday will be a demanding day for the pocket. And it is that the price of electricity in the wholesale market (‘pool’) is set at 236.14 euros per MWh. on average, according to data from the Iberian Energy Market Operator (OMIE).
Compensation at the price of electricity today
And all this before applying the compensation of the gas cap to the electricity companies, which today, Wednesday, represents an extra 102.5 euros in the price of electricity. 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 Wednesday by hours (in MWh.)
The wholesale market electricity rate directly influences the final cost that the consumer has to pay to start up their appliances from hour to hour. Thus, the cheapest time to start up those with the highest consumption will be between 7:00 p.m. and 8:00 p.m., with 99.67 euros / MWh. In contrast, the most expensive section arrives from 8 to 9 today, with 172.01 euros / MWh.
With these records in mind, today, Wednesday, it will be key to know what time the price of electricity is cheapest.
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 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.