Electricity price today and tomorrow | The price of electricity will change this Wednesday, May 15, and there will be 8 hours free.

In addition, there will be 8 free hours, none of which will be negative, and the most expensive hours will barely exceed 50 EUR/MWh per night and only 6 hours will be registered above 30 EUR. Moreover, the most important change occurs in the early morning, since if on Tuesday the first 10 hours of the day did not exceed the maximum of 22 euros and the vast majority were below 12, then on this Wednesday between midnight and 9 am. Tomorrow prices will reach a maximum of up to 35 euros/MWh, with almost all hours of this section being higher than the prices of the previous day.

Electricity cost per hour

The maximum peak energy price will be recorded between 22:00 and 23:00 at a price of 51.29 euros per megawatt-hour, and the minimum price will be recorded between 13:00 and 18:00, at a price of 0 euro and for several hours . minimum prices in the front and back departments.

However, this price is then not transferred to the receipt exactly at these euro zeros, since there are fixed costs for the electricity consumer due to tolls, fees and system adjustments.

New tariff

Last April, negative prices were recorded for the first time in the history of the Spanish electricity market. The event repeated itself multiple times throughout the month, largely due to a chain of storms that brought heavy rainfall after Easter, as well as winds that allowed renewable energy sources to run at full capacity. Moreover, in March we already observed one of the lowest average monthly pool prices in history: 20 EUR/MWh, half the average price recorded in February and 77.5% lower than in March 2023. when it was 89.6. euro/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), electricity temporarily reinstated its value added tax (VAT) of 21% from March, a figure that will continue in this month. April.

The last Council of Ministers last year approved increasing the VAT rate on electricity from 5% to 10% and maintaining this rate until the end of 2024, subject to MWh prices on the wholesale market. . remains high, above 45 EUR/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% throughout 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 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 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 might 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.