Third consecutive day of increases in the price of electricity: the cheapest hours

by time news

Tuesday, February 28, 2023, 7:36 p.m.

New scare for the pockets this Wednesday since for the third consecutive day the price of electricity rises today, this time by 9.97% that added to the two previous days accumulates 77% so far this week. Thus, this Wednesday, March 1, the cost of the electricity bill for consumers stands at 145.91 euros per megawatt hour, according to the Iberian Energy Market Operator (OMIE). It is about 68 euros more than the price registered this past Saturday.

The month of February ended with an average price for consumers of the regulated tariff linked to the wholesale market of 132 euros/MWh, that is, 34% less than the 200 that families and companies paid in the same month last year. but 86% more than the month of December. Another comparison that places us in the European context is the one provided by the Association of Companies with Large Energy Consumption (AEGE), which has compared this price with those paid by consumers in Germany (4.1% less than Spain) and France (10.2% higher).

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 end of 2022 and 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 Redeia (formerly called 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. Thus, this Tuesday they accounted for 61% of the total mix.

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.

Increase in electricity bill

The Consumer Organization has revealed on Tuesday the high electricity bill that consumers have paid this month of February, with an average increase of 35% (for households with PVPC rate). Specifically, they have gone from paying an average price of 56 euros in January to 76 in February.

The OCU highlights in its statement that the wholesale price of electricity has risen “due to the lower impact of renewable energies and the lack of application of the gas cap.” Hence, this organization claims “the extension of the VAT reduction to meat and fish” and warns that “we must not lower our guard” in the face of the inflation we are experiencing.

Price of electricity today by the hour

The wholesale market electricity rate directly influences the final cost that the consumer has to pay to start up their household appliances hour by hour, hence the price of electricity today is set at 0.211 euros/kWh. once the corresponding charges and tolls have been added.

Price of light today March 1

  • Cheapest hours:
    15.00-16.00 h, con 121,13 euros/MWh.

  • most expensive hour
    20.00-21.00 h, con 170,41 euros/MWh.

Today, therefore, will be a demanding day for households, which will have to look in detail at what are the cheapest hours to start up electrical appliances in which it is possible to choose hours. The cheapest section is from three to four in the afternoon, with 121.13 euros/MWh, while the most expensive is from eight to nine at night, with 170.41 euros/MWh.

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.

You may also like

Leave a Comment