Electricity price | The price of electricity this Thursday skyrocketed and increased by 210.69%: the two cheapest hours to connect household appliances
Wednesday, October 9, 2024 6:27 pm
Bad news for consumers this Thursday, October 10th. The price of electricity will be 76.18 euros per megawatt hour (EUR/MWh), an increase of 210.69% compared to the price recorded on Wednesday, October 9, which was 24.52 EUR/MWh, according to the Iberian energy operator market.
Concern is evident among many families as prices continue to rise, for example on some food products for which VAT cuts have ended, as well as on energy bills. So, a good option to try and save a few euros is to look at what is the best time to turn on electrical appliances.
In this sense, the cheapest times this Thursday, October 10, will be from 12:00 to 13:00 and from 14:00 to 15:00, in both cases the cost per megawatt-hour will be 39.83 euros. The most expensive will be at night, from 20:00 to 21:00, then it will be 180 euros per megawatt-hour. For hourly rates, see this table:
Electricity cost per hour
| Time section | Euro/MWh |
| 00.00-01.00 | 40.08 euros |
| 01.00-02.00 | 40 euros |
| 02.00-03.00 | 40 euros |
| 03.00-04.00 | 40 euros |
| 04.00-05.00 | 44 euros |
| 05.00-06.00 | 55.01 euro |
| 06.00-07.00 | 69 euros |
| 07.00-08.00 | 91.48 euros |
| 08.00-09.00 | 108.8 euros |
| 09.00-10.00 | 92 euros |
| 10.00-11.00 | 69 euros |
| 11.00-12.00 | 40.29 euros |
| 12.00-13.00 | 39.83 euros |
| 13.00-14.00 | 40.08 euros |
| 14.00-15.00 | 39.83 euros |
| 15.00-16.00 | 40.5 euros |
| 16.00-17.00 | 55.26 euros |
| 17.00-18.00 | 71.78 euros |
| 18.00-19.00 | 100 euros |
| 19.00-20.00 | 129.22 euros |
| 20.00-21.00 | 180 euros |
| 21.00-22.00 | 173.4 euros |
| 22.00-23.00 | 120 euros |
| 23.00-24.00 | 108.8 euros |
VAT changes
The last Council of Ministers last year approved an increase in the VAT rate on electricity from 5% to 10% and maintaining this rate until the end of 2024, subject to maintaining MWh prices on the wholesale market. high, above 45 euro/MWh.
In particular, VAT will become 21% if the wholesale price is below this level in the calendar month preceding the last day of invoice. That is, all bills that include consumption for at least one day in March will have VAT of 21%. Only households receiving the social bonus are exempt from this increase, as their VAT will remain at 10% through 2024.
Calculation method
It should be remembered that the “pool” does not exactly represent the final price of electricity for the regulated consumer, as a new method of calculating PVPC has been adopted since 2024, which includes a basket of medium and long term prices to avoid large fluctuations without losing short-term price targets that promote savings and efficient consumption.
Thus, the share of the pool price link will be gradually reduced to include links to futures markets, so that they will be 25% in 2024, 40% in 2025 and 55% starting in 2026.
Pool
It should be remembered that the “pool” does not represent the final amount in the price of electricity for the consumer subject to a regulated tariff, since with the introduction in 2024 of a new method of calculating PVPC, which includes a basket of medium and long-term prices to avoid large fluctuations, it is not while losing the short-term price benchmarks that promote savings and efficient consumption.
Thus, the share of the pool price link will be gradually reduced to include links to futures markets, so that they will be 25% in 2024, 40% in 2025 and 55% starting in 2026.
Tips to save on your energy bills
To reduce your consumption and lower your energy bills, you can follow these tips:
Household appliances
To reduce the consumption of household appliances, it is advisable to:
– Turn off electrical appliances when you are away from home for a long period (vacation). Especially the fridge freezer which consumes up to 30% of the total consumption of the home.
– Don’t leave them on standby as they continue to spend even when they are not consuming.
– Try to use a sundial to dry your clothes.
Hot water
It is always recommended:
– Use hot water wisely. It is advisable to ensure that the tap is never left open more than necessary.
– Overall water temperature between 30°C and 35°C may be enough.
Lightning
Recommended:
– Gradually replace incandescent and halogen lamps with LED lamps, as they consume ten times less energy than incandescent lamps and have a service life ten times longer, saving up to 85% of energy.
– Make the most of natural light by turning off lights in naturally lit areas and anywhere there are open spaces or glass walls that encourage passive viewing.