The average price for electricity on Wednesday, February 21, is lower than on Tuesday and amounts to 45.30 euros per megawatt-hour. In addition, the period of the cheapest hours is changing, and for the first time in some time, the time to prepare dinner is not the most expensive. And more good news: there is no prohibitive peak, since the most expensive hour rises to 76.7 euros/MWh, which is a far cry from the 181 euros it cost the day before at the worst time of the day.
And this comes in a year that has brought significant financial changes to the electricity sector, such as the change to VAT introduced by the government in 2024, which is now 10% instead of the previous 5%. For this reason, many users choose to browse time slots with lower rates to save a few cents at the end of the month.
By time intervals
By time intervals, Maximum price
76.7 euros per MWh will occur from 8 to 9 am, and minimum price According to the Iberian Energy Market Operator (OMIE), it will be registered in two sections, from 14:00 to 16:00, then the cost will be 28.6 euros/MWh (same as the previous day).Electricity cost per hour
Time section | Euro/MWh |
00.00-01.00 | 52.84 euros |
01.00-02.00 | 49.5 euros |
02.00-03.00 | 46.99 euros |
03.00-04.00 | 44.95 euros |
04.00-05.00 | 45.68 euros |
05.00-06.00 | 50.35 euros |
06.00-07.00 | 50.98 euros |
07.00-08.00 | 69.6 euros |
08.00-09.00 | 76.7 euros |
09.00-10.00 | 48.77 euros |
10.00-11.00 | 35 euros |
11.00-12.00 | 32.72 euros |
12.00-13.00 | 33.2 euros |
13.00-14.00 | 30 euros |
14.00-15.00 | 28.6 euros |
15.00-16.00 | 28.6 euros |
16.00-17.00 | 32 euros |
17.00-18.00 | 36 euros |
18.00-19.00 | 47.67 euros |
19.00-20.00 | 63.47 euros |
20.00-21.00 | 54.76 euros |
21.00-22.00 | 47.91 euro |
22.00-23.00 | 43.76 euros |
23.00-24.00 | 37.14 euros |
New calculation formula
It is worth remembering that 2024 is full of new developments in the field of electricity tariffs. On January 1, a new formula for calculating the regulated electricity tariff, the so-called “Voluntary Price for Small Consumers” (PVPC), came into force, which covers about 8.5 million consumers, that is, about a third of all domestic consumers.
Unlike the calculation methodology used so far, introduced by the Electrical Sector Law No. 24/2013 and regulated by Royal Decree No. 216/2014, where the final price was fully indexed to the daily wholesale market, the new formula will partially include long-term forward price signals. To this end, since July 1 last year, reference marketers have been pre-purchasing part of the energy that the PVPC tariff will consume in 2024.
To reduce your consumption and lower your energy bills, you can follow these tips:
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 house.
– 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 It may be enough.
Lightning
It is advisable:
– 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.
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