Electricity price tomorrow, Tuesday 11 June | On Tuesday, June 11, the price of electricity will increase according to a new tariff: these are the cheapest electrical appliances to connect.
Monday, June 10, 2024, 8:18 p.m.
The price of electricity on Tuesday, June 11, brings bad news to Spanish consumers: it rose again to an average of 65.48 euros per megawatt/hour, up 31.88% from Monday. Gone are the much lower electricity rates seen over the weekend following the brief passage of DANA, which left numerous hourly swaths of negative or zero.
In this case, customers will not be able to use any site at zero cost and will have to be wary of a couple of exorbitant hours close to €100/MWh in the early morning hours. All this comes amid ongoing changes after the government increases VAT on electricity tariffs from 5% to the current 21% in early 2024.
Electricity cost per hour
The price of electricity on Tuesday, June 11th will have an impact. maximum peak from 00:00 to 01:00 hours, when payment will be made at a price of 98.3 euros per megawatt hour, while minimum According to the Iberian Electricity Market Operator (OMIE), it will be registered between 15:00 and 17:00 at a tariff of 35.02 euros/MWh.
Electricity cost per hour
| Time section | Euro/MWh |
| 00.00-01.00 | 98.3 euros |
| 01.00-02.00 | 95.09 euros |
| 02.00-03.00 | 84.83 euros |
| 03.00-04.00 | 78.2 euros |
| 04.00-05.00 | 78.2 euros |
| 05.00-06.00 | 85.41 euro |
| 06.00-07.00 | 71.48 euros |
| 07.00-08.00 | 90.34 euros |
| 08.00-09.00 | 98.13 euros |
| 09.00-10.00 | 70 euros |
| 10.00-11.00 | 44.8 euros |
| 11.00-12.00 | 42.3 euros |
| 12.00-13.00 | 41.2 euros |
| 13.00-14.00 | 40 euros |
| 14.00-15.00 | 35.02 euros |
| 15.00-16.00 | 35.01 euro |
| 16.00-17.00 | 35.01 euro |
| 17.00-18.00 | 35.13 euros |
| 18.00-19.00 | 43 euros |
| 19.00-20.00 | 66.05 euros |
| 20.00-21.00 | 71.12 euros |
| 21.00-22.00 | 85.41 euro |
| 22.00-23.00 | 77.29 euros |
| 23.00-24.00 | 70.13 euros |
New tariff
In May, the average bill for a PVPC home was €54 (€48.85 in April). This increase occurs after April with completely unknown prices on the wholesale market (13.3 EUR/MWh), with moments of even negative prices. Despite this increase, VAT continues to remain at its usual level of 21%, as the VAT reduction to 10% only applies if the wholesale price exceeds €45/MWh.
In April last year, negative prices were recorded for the first time in the history of the electricity market. and in March we have already seen one of the lowest average pool prices in history for the month: 20 EUR/MWh, which is half the average price recorded in February and 77.5% lower than in March 2023, when it was 89.6 euro/MWh. MWh.
VAT 21%
Moreover, in February, after recording an average value below 45 EUR/MWh (the ceiling set by the Royal Decree of Urgent Measures), the electricity sector temporarily reinstated its value added tax (VAT) of 21% from March, a figure that continues to be maintained.
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 this 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% 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.
Tips to save on your energy bills
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 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 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 observation.