This Monday the price of electricity will rise again significantly.
The price of electricity tomorrow for regulated rate customers registers another strong rise of 20% to stand at 163.51 euros/MWh. Check the price of electricity in detail for tomorrow, Monday, October 31
The price of electricity will register another strong rise tomorrow, Monday, October 31. The cost of electricity will experience a significant rise of 20% after increasing by 33.13% on Sunday, a situation that will push the price of electricity even further away from 100 euros per megawatt hour (MWh) and will place it in 163.51 euros per megawatt hour (MWh).
Thus, it will once again be important for families to know at what time to start up energy-intensive appliances such as the oven, the washing machine or the dishwasher, which helps consumers to pay as little as possible, because tomorrow, Monday 31 October, the cost of electricity in the wholesale market (‘pool’) is set at 163.51 euros per MWh on average – 28 euros more than this Sunday – before applying the compensation to the gas companies, as published by the Operator of the Iberian Energy Market (OMIE).
This Monday the reference price for gas plants is once again above the cap of 40 euros/MWh, specifically at 40.49 euros/MWh, with which the so-called Iberian exception comes into effect.
This Monday the price of electricity in Spain will be the highest in all of Europe for the second consecutive day, above countries such as France and Italy (144 euros) or Germany (145.2 euros). However, the average price since June 15, when the Iberian exception came into force, is notably lower in Spain (141.93 euros) than in France (359.22 euros), Italy (396.54 euros) or Germany (312.76).
The most vulnerable households pay 550 euros more
An analysis by Cambridge Econometrics states that the most vulnerable Spanish households are going to spend around 70% more this year, or what is the same, about 550 euros more, on their energy bill than in 2020. This report shows how Fossil fuels are contributing “disproportionately” to the recent spikes in inflation in Spain.
The experts at the British firm point out that fossil fuels accounted for 23% of the total year-on-year inflation registered in May of this year. Carl Heinemann, author of the report, indicated that the energy crisis “has highlighted the implications of European energy markets remaining linked to the volatility of fossil fuel prices.”
The report underlines that the proportion of energy expenditure with respect to the total expenditure of households has increased considerably in the last two years. Thus, an average household belonging to the 20% of the population with the lowest income will dedicate 8.8% of its total expenditure to energy in 2022, while in 2020 that percentage was 5.6%. In this way, a home with the aforementioned characteristics now spends around 72% more on energy than in 2020, which is about 550 euros more.
At the opposite extreme, the study indicates that an average household belonging to the 20% of the population with the highest income (highest quintile) will dedicate 5.09% of its total expenditure to energy this year, while in 2020 that percentage was 3.34%. Thus, low-income households spend a proportionally larger part of their income on their energy bill than wealthier households.
A more expensive price in off-peak hours
Another study by Facua – Consumers in Action, in reference to the evolution of the regulated electricity rate, pointed out that so far this year the three most expensive bills in history in Spain have been registered: in March it reached 176 .73 euros, in August at 158.30 euros and in July at 142.40 euros. The year-on-year rise in the last month was 34.3%, compared to 102.71 euros in September last year.
The Facua study also reveals that this past September the ‘valley’ period (from midnight to 8:00 a.m., Saturdays, Sundays and holidays) was on average more expensive than the ‘flat’ period (Monday to Friday from 8 a.m. to 10 a.m., 2:00 p.m. to 6:00 p.m. and 10:00 p.m.). Thus, the first had an average price of 33.12 cents per kWh and the second 32.56. The ‘peak’ hours stood at 38.45 cents.
Thus, in a context of continuous price increases for all types of products, consumers are forced to plan in detail when to carry out the domestic tasks that depend on their appliances. Thus, checking hourly hourly rates is a great help for households, since hourly energy savings improve our economy. Due to these constant increases in electricity prices, Spain supports the mandatory cut in electricity consumption, mainly during peak hours, one of the measures that are on the table of the European Commission.
Electricity price tomorrow Monday by hours
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.
Electricity rate tomorrow, Monday, October 31, 2022, hour by hour
-
cheapest time
from 03:00 to 04:00, with 114.60 euros/MWh -
most expensive hour
from 9:00 p.m. to 10:00 p.m., with 250 euros/MWh
The cheapest hour of electricity will be at dawn, from 03:00 to 04:00, with a price of 114.60 euros per megawatt hour (MWh). The rest of the sections will be above 100 euros and the maximum price will be registered between 9:00 p.m. and 10:00 p.m., with 250 euros/MWh.
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.