Electricity Price TODAY IS MONDAY | Electricity Price Jumped 202% This Monday: Cheapest Hours to Plug in Home Appliances

The price of electricity will skyrocket on Monday, August 26, to 94.19 euros per megawatt-hour, according to the Iberian Operator of the Energy Market (OMIE). This represents an increase of 202% compared to Sunday, when the price was 31.20 euros/MWh.

After Sunday, which saw up to eight hours of free electricity, prices are back much higher this Monday. Those looking to save a few euros on their bills should look at the cheapest hours to connect appliances, which in this case do not fall below 63.37 euros.

Price per hour

He maximum price It will take place from 9 am to 10 pm, cost: 160 EUR/MWhwhile the cheapest hour Electricity will be paid from 11:00 to 12:00 at the price 63.37 EUR/MWh.

VAT changes

The last Council of Ministers in 2023 approved an increase in the VAT rate on electricity from 5% to 10% and maintaining this rate until the end of 2024, provided that prices per MWh on the wholesale market remain high, above 45 euros/MWh.

Specifically, VAT will become 21% if the wholesale price is below this threshold in the calendar month preceding the last day of invoicing. Only households receiving a social bonus are exempt from this increase, as their VAT will remain at 10% throughout 2024.

Calculation method

In addition, the “pool” does not exactly reflect the final price of electricity for the consumer subject to the regulated tariff, since with the introduction in 2024 a new method for calculating PVPC was adopted, which includes a basket of prices in the medium and long term, in order to avoid strong fluctuations, without losing short-term price benchmarks that promote savings and efficient consumption.

Thus, the share of the pool price link will gradually be 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:

Household appliances

To reduce the consumption of household appliances, it is advisable to:

– Turn off electrical appliances when you are away from home for an extended period (vacation). Especially a fridge freezer which consumes up to 30% of the total consumption of the house.

– Don’t leave them in standby mode as they continue to spend even if they don’t consume.

– Try to use the 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 longer 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 maximum use of natural light by turning off lights in naturally lit areas and anywhere there are open spaces or glass walls that encourage passive viewing.