Electricity price TOMORROW, Saturday, January 20th.

The average price of electricity this Saturday brings bad news for Spanish consumers: a new increase means a rise to 80.53 euros per megawatt-hour, up 13.63% from the previous day. This confirms the trend of rising energy prices in recent days, accompanied by the entry into force of an increase in VAT from the beginning of 2024 from 5 to 10%.

A situation that forces citizens who want to save a few cents on their electricity bills at the end of the month to take a closer look at the most economical time intervals for connecting electrical appliances.

Time Sections

The time slots will record a maximum price of €99.94/MWh at two different times: the first slot between 18:00 and 19:00 and the second between 20:00 and 21:00; while the minimum price will be set again at dawn, namely between 4:00 and 5:00 am, when it will be paid at a price of 63.68 euros/MWh, according to the Iberian Energy Market Operator (OMIE).

News in the know in 2024

On January 1, a new formula for calculating the regulated electricity tariff, the so-called “Voluntary Price for Small Consumers” (PVPC), came into force, which covers about 8.5 million consumers, that is, about a third of all domestic consumers.

Unlike the calculation methodology used so far, introduced by the Electrical Sector Law No. 24/2013 and regulated by Royal Decree No. 216/2014, where the final price was fully indexed to the daily wholesale market, the new formula will partially include long-term forward price signals. To this end, since July 1 last year, reference marketers have been pre-purchasing part of the energy that the PVPC tariff will consume in 2024.

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 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.