Electricity price today, Sunday, October 27 | The price of electricity will soar this Sunday with a new tariff: the most expensive and the cheapest hours

The truce in electricity prices that left us on Saturday is over. This Sunday, October 27, the cost of electricity jumped by 71.36% to reach 77.67 euros/MWh, breaking a three-day downward trend that gave consumers a break.

This month of October is one of contrasts. Although during the first 15 days the average price was 66.06 euros/MWh (9.9% cheaper than in September), there were days when it soared, as happened this Sunday, according to data from the Iberian energy market operator ( OMI).

If we want to save as much as possible on our energy bills, we must pay attention to hourly dynamics. This way we will know during which periods of time electricity is cheaper and take advantage of this to turn on our appliances. In this way, we will optimize its performance as much as possible and avoid additional costs.

This Sunday, October 27, the maximum price will be between 20:00 and 21:00, when the price reaches 128.7 euros. On the other hand, the minimum price will be between 13:00 and 14:00, then it will drop to 39.39 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 a social bonus are exempt from this increase, as their VAT will remain at 10% through 2024.

Calculation method

It should be remembered that the “pool” does not exactly represent the final price of electricity for the regulated consumer, as a new method of calculating PVPC has been adopted since 2024, which includes a basket of medium and long term prices to avoid large fluctuations without losing short-term price targets that promote savings and efficient consumption.

Thus, the share of reference to the pool price will be gradually reduced to include references to the futures markets.

Pool

It should be remembered that the “pool” does not 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, it is not while losing the short-term price benchmarks 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 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 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.