The price of electricity in the wholesale market plummeted again, this time by 62.07%. Check the cost of electricity hour by hour for today, Sunday, January 8
The price of light plummets. Today, Sunday, January 8, the cost of electricity experiences a significant drop, which will make turning on the dishwasher, starting the washing machine or activating the dryer even more economical for consumers’ pockets than in previous days. In fact, today the price of electricity drops from 22.62 euros per megawatt hour on Saturday to 8.58 euros, according to data published by the Iberian Energy Market Operator (OMIE).
Despite this, it will be advisable for consumers to know what are the most advantageous hours to start up household appliances with the highest energy consumption. 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.
In the auction, the average price of light in the wholesale market -the so-called ‘pool’- stands for today, Sunday, at 10.28 euros/MWh. Compensation for gas companies is added to this pool price, which must be paid by consumers who are beneficiaries of the measure, consumers of the regulated tariff (PVPC) or those who, despite being on the free market, They have an indexed rate, which for this Sunday is in negative figures (-1.70 euros/MWh).
In the absence of the ‘Iberian exception’ mechanism to cap the price of gas for electricity generation, the price of electricity in Spain would be around 37.61 euros/MWh on average, which is around 29.03 euros/ MWh more than with the compensation for customers of the regulated rate, who will thus pay 77.19% less on average.
The gas conditions the rises in light
The president of the Electricity Market Operator (OMEL), Carmen Becerril, recently pointed out that the current energy context “is dominated by a stressful situation and full of uncertainties”, and predicted that the return of electricity prices to around 50 euros per megawatt/hour (MWh) was “a bit far.”
Becerril considered that electricity market futures predict electricity prices of more than 200 euros/MWh for 2023, 150 euros/MWh for 2024, 91 euros/MWh for 2025 and 75 euros/MWh for 2026, compared to the reference price that had been around 50 euros/MWh in the last 25 years. He also added that by 2032 the future price is around 52.61 euros / MWh, so “50 euros / MWh are a bit far away,” he said.
Hence, all the countries of the European Union have agreed 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 Community limitation actually affects imports of natural gas whatever its use. While 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, according to Jose María Camarero.
Price of electricity today by the hour
The electricity tariff on the wholesale market directly influences the final cost that the consumer has to pay to start up their household appliances hour by hour.
Price of light today Sunday January 8, hour by hour
-
cheapest hour
from 04:00 to 09:00, with 4.16 euros /MWh -
most expensive hour
from 8:00 p.m. to 9:00 p.m., with 40 euros /MWh
In this way, today, Sunday, the time with the most affordable electricity price for families will be between 04:00 and 09:00, with 4.16 euros/MWh. On the other hand, the section with the most expensive electricity will be between 8:00 p.m. and 9:00 p.m., when the cost of electricity will amount to 40 euros/MWh.
Iberian exception to contain the price of light
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 this winter, a period in which that energy prices are more expensive. This mechanism was approved after the price of light reached a maximum of 700 euros per megawatt hour in March of last year. Despite the measure, the price of electricity skyrocketed for much of 2022. 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.
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. It is clear that in most of them 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 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.