Electricity prices today and tomorrow, Sunday, October 20 | The price of electricity will decrease on Sunday, October 20, according to a new tariff: free or negative hours for connecting household appliances.
Saturday, October 19, 2024, 7:57 p.m.
The price of electricity on Sunday, October 20, continues to decline by the end of the weekend, reaching an average of 44.66 euros/MWh, which is 8.31% less than the previous day, and brings double joy to consumers of regulated tariffs. And the slight decrease in energy costs is accompanied by a return of hourly sections to zero euros or minus per day, in which there are several bands above 100 euros.
As is typical on weekends, the cheapest time to plug in appliances is during the middle of the day, especially between lunch and after dinner. The least recommended time of day is during dinner portions. It should be remembered that hourly rates of zero euros or negative values do not translate as such into the final bill, since there are fixed costs for the electricity consumer due to tolls, fees and system adjustments.
In this sense the most expensive hour Electricity prices this Sunday, October 20th will be from 9:00 pm to 10:00 pm, with payment due at 8:00 pm. 125.89 EUR/MWh. Also to avoid the previous range, which would be €125.01/MWh. On the other side, cheapest hour It will be between 1:00 pm and 3:00 pm when you check in. -0.01 euro. According to the Iberian Energy Market Operator (OMIE), the hours between 11:00 and 17:00 are strongly recommended, when light will cost around 0 euros MWh.
Electricity cost per hour
| Time section | Euro/MWh |
| 00.00-01.00 | 56 euros |
| 01.00-02.00 | 40 euros |
| 02.00-03.00 | 30.1 euro |
| 03.00-04.00 | 31.25 euros |
| 04.00-05.00 | 35.01 euro |
| 05.00-06.00 | 43.1 euro |
| 06.00-07.00 | 54.85 euros |
| 07.00-08.00 | 54.85 euros |
| 08.00-09.00 | 55.27 euros |
| 09.00-10.00 | 45 euros |
| 10.00-11.00 | 6.37 euros |
| 11.00-12.00 | 0.08 euro |
| 12.00-13.00 | 0 euro |
| 13.00-14.00 | -0.01 euro |
| 14.00-15.00 | -0.01 euro |
| 15.00-16.00 | 0 euro |
| 16.00-17.00 | 0.03 euro |
| 17.00-18.00 | 8.64 euros |
| 18.00-19.00 | 64.82 euros |
| 19.00-20.00 | 99.87 euros |
| 20.00-21.00 | 125.01 euro |
| 21.00-22.00 | 125.89 euros |
| 22.00-23.00 | 100.23 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.