Electricity prices today and tomorrow Monday, October 21 | The price of electricity will soar on Monday, October 21, with a new tariff: the most expensive hours for connecting equipment
Sunday, October 20, 2024, 8:04 p.m.
Electricity prices on Monday, October 21, bring bad news to Spanish consumers: a radical change in trend and an increase of 109.6% compared to the previous day, resulting in energy costs of an average of 93.63 euros/year. MWh. Additionally, hours with zero or negative euros disappear from parts of the day again, and a few bars above 100 euros reappear.
In this sense, the cheapest hours to connect appliances are in the central part of the day, especially after dinner. The least recommended time of day is during dinner portions.
In this sense the most expensive hour The electricity price this Monday, October 21st will be from 20:00 to 21:00, then it will be paid at 20:00. 181 euro/MWh. Also to avoid the hours from 18:00 to 23:00, when the amount of 100 euros will be exceeded. Something that also happens from 7:00 to 8:00. On the other side, cheapest hour It will be from 3.00 to 5.00 when it is turned on. 64 euro/MWh. According to the Iberian Energy Market Operator (OMIE), from 14:00 to 15:00 the price will be 67 euros.
Electricity cost per hour
| Time section | Euro/MWh |
| 00.00-01.00 | 92 euros |
| 01.00-02.00 | 85.23 euros |
| 02.00-03.00 | 70 euros |
| 03.00-04.00 | 64 euros |
| 04.00-05.00 | 64 euros |
| 05.00-06.00 | 70 euros |
| 06.00-07.00 | 90.71 euro |
| 07.00-08.00 | 105.01 euro |
| 08.00-09.00 | 125.89 euros |
| 09.00-10.00 | 103.9 euros |
| 10.00-11.00 | 88.77 euros |
| 11.00-12.00 | 81.5 euros |
| 12.00-13.00 | 73.29 euros |
| 13.00-14.00 | 69 euros |
| 14.00-15.00 | 67.04 euros |
| 15.00-16.00 | 67.88 euros |
| 16.00-17.00 | 70.47 euros |
| 17.00-18.00 | 90.22 euros |
| 18.00-19.00 | 103.41 euros |
| 19.00-20.00 | 158.4 euros |
| 20.00-21.00 | 181 euros |
| 21.00-22.00 | 126.39 euros |
| 22.00-23.00 | 103.37 euros |
| 23.00-24.00 | 95.56 euros |
VAT changes
The last Council of Ministers last year approved increasing the VAT rate on electricity from 5% to 10% and maintaining this rate until the end of 2024, subject to MWh prices on the wholesale market. . remained high, above 45 EUR/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% 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 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 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.
Decrease in October compared to September
The daily price on the Spanish wholesale market in October was €66.06 per megawatt-hour (MWh), down 9.03% from September and down 26.6% from the same month last year due to for a greater presence of a “mixture” of wind energy.
According to Grupo ASE, wind power in the first half of the month was 147% higher than a year ago, driven by persistent storms since the start of the year. Thus, this technology in September exceeded the average for the last five years by 17.8%, and in October it was already 17.4% above this average.
Tips to save on your energy bills
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.