Sunday, February 26, 2023, 5:26 p.m.
After a few days of downward stability in the prices of electricity tomorrow they experience a rise of 54%. Thus, this Monday, February 27, the cost of electricity rises to 117.49 euros/MWh, that is, about 40 euros more in a single day, according to the Iberian Energy Market Operator (OMIE). Despite this drop, the average price of electricity so far this month stands at 131 euros/MWh, which is almost double the average for the same period last year when consumers paid 67 euros per megawatt hour .
Due to the high prices of the energy bill, experts recommend that consumers attend to the cheapest hours when starting up the appliances with the highest electrical consumption. Energy saving specialists advise families to ensure that unused appliances remain unplugged, take short showers and, among other saving measures, pay attention to the five household appliances that consume the most electricity: the dryer, the dishwasher, the refrigerator, washing machine and television.
Greater contribution of renewable energy
The lowest electricity prices at the beginning of 2023 were possible thanks to the good weather conditions with abundant rains that have filled the swamps, in addition to the abundance of wind throughout the peninsula that has decreased in recent weeks. Thus, according to Red Eléctrica, so far this year the vast majority of days the production of green energy has exceeded the rest of that generated in Spain.
Also the price of gas, lower at the end of the year, is helping to reduce bills in companies and homes. However, the 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 conflict between Russia and Ukraine that still has no sign of ending.
electric bill and food
In recent months of famine, the strong impact that energy prices have on many others, such as food, has become clear. Thus, the Spanish Federation of Irrigation Communities has warned that the new hydrological planning, recently approved by the Government, may cause an even higher price of food, which they explain by “the lack of guarantee of irrigation during the coming years which seriously threatens production.
This organization highlights that according to the latest data from the INE, the sector uses less and less water, which estimates its use by the agricultural sector at 15,500 cubic hectometres. On the contrary, the evolution of energy prices, which has multiplied in the last campaign compared to 2021 and the increases in inputs are having a very significant impact on the sector.
Price of light tomorrow by hours
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 light tomorrow February 27
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Cheapest hours:
02.00-03.00 h, con 89,98 euros/MWh. -
most expensive hour
20.00-21.00 h, con 174,49 euros/MWh.
Tomorrow, therefore, there will again be great contrasts that will affect the energy bill paid by households and companies, since the cheapest hours will cost 90 euros/MWh, between two and three in the morning, while the most face amounts to 174 euros/MWh between eight and nine at night.
Advantages of the Iberian exception
The third vice president and minister for the Ecological Transition and the Demographic Challenge, Teresa Ribera, boasted this week in the Congress of Deputies of the virtues of the Iberian mechanism, with which consumers have been able to save around 30% in the electricity bill, as explained.
Ribera stressed that in the absence of the Iberian mechanism, consumers would have had to pay 30% more, a cost close to 5,000 million euros in the system. He also highlighted, in response to a question from the Popular Party, that “without the extension of the electric and thermal social bonus, many consumers would not have been able to put on the heating.”
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 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.
Tips to save energy at home
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.