Electricity Price TODAY MONDAY | On Monday, electricity prices continue to decline: the cheapest hours to connect household appliances

Electricity prices will continue to fall early in the week after falling on Sunday. Specifically, this Monday, November 11, the price will be 77.91 euros per megawatt hour (€/MWh), according to the Iberian Energy Market Operator (OMIE).

This is 14.29% (€12.99) less than this Sunday’s price of €90.90. All consumers wishing to save a few euros on their bills are advised to check which times are the most expensive and the cheapest to connect appliances.

It should be taken into account that the “pool” does not accurately reflect the final amount of the electricity price for a 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 medium and long-term prices to avoid strong fluctuations without losing short-term price targets that promote savings and efficient consumption.

Electricity price, per hour

In this sense the most expensive hour electricity prices this Saturday, November 9, will occur from 20:00 to 10:00, when it will be paid on 109.69 EUR/MWh

. On the other side, cheapest hour will be from 15:00 to 16:00, when he will be in 5 euro/MWhand from 14:00 to 15:00 – 7 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% throughout 2024.

Calculation method

It should be remembered that the “pool” does not quite represent the final amount of the electricity price for the consumer subject to the regulated tariff, since with the advent of 2024, a new method of calculating PVPC has been adopted, which includes a basket of medium and long-term prices to avoid large fluctuations, without losing the short-term benchmark prices 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 quite 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, without losing the short-term benchmark prices 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:

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.