Electricity price TODAY and TOMORROW by hour | The price of electricity skyrocketed this Monday with a new tariff: this is how free hours are preserved

Bad news for Spanish consumers. In the run-up to Monday, June 10, electricity prices will skyrocket. On Sunday we experienced a day with an average price of 16.43 €/MWh and up to 9 free hours. On the other hand, Monday’s average nearly tripled from the previous day. 44.61 euro/MWhThis is evidenced by data from the Iberian Electricity Market Operator (OMIE). In addition, the maximum price increases. It varies from 70 to more than 85 euros.

This is why you, as a consumer, need to pay attention to the time intervals. Knowing when the price of electricity is lowest will help us save on our bills because we will know when it is best to turn on appliances such as the washing machine or dishwasher. On Monday, the most expensive watches will again be at night.

The maximum peak will be reached between 22:00 and 23:00. 86.75 EUR/MWh. On the other hand, the lowest value will be observed between 15:00 and 16:00. 34.8 euros. Below is the price of electricity per hour for this Monday, June 10:

New tariff

In April last year, negative prices were recorded for the first time in the history of the electricity market. and in March we have already seen one of the lowest average pool prices in history for the month: 20 EUR/MWh, which is half the average price recorded in February and 77.5% lower than in March 2023, when it was 89.6 euro/MWh. MWh.

VAT 21%

In addition, in February, after recording an average below 45 EUR/MWh (the ceiling set by the Royal Decree of Urgent Measures), the electricity sector temporarily reinstated its value added tax (VAT) of 21% from March, a figure that continues to be maintained.

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 this 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 a social bonus are exempt from this increase, as their VAT will remain at 10% through 2024.

Best rate

Now, with electricity prices almost at zero, 8.5 million PVPC tariff users (3% of the total) benefit from an almost ridiculous electricity cost of just four or five eurocents per kWh by adding fixed costs to the price. 0 euro generation. However, those who operate in the free market pay at least ten cents per kW consumed.

Calculation method

In addition, the “pool” does not fully reflect the final amount of the electricity price for the consumer subject to a regulated tariff, since with the introduction in 2024 a new method of calculating PVPC was adopted, which includes a basket of prices in the medium and long term 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 the futures markets, so that they will be 25% in 2024, 40% in 2025 and 55% starting in 2026.

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 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 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.