Electricity prices today and tomorrow Wednesday 20 November | The price of electricity is reduced this Wednesday with a new tariff: the cheapest time to connect household appliances

Electricity prices on Wednesday 20 November bring good news to Spanish consumers. Not because the cost of energy is cheap, but because after a few days of exceeding the average barrier of 100 euros/MW there is a significant drop. In this sense, today the electricity tariff averages 95.97 €/MWh, which represents a decrease of 28% compared to last Tuesday.

No matter what, rate-regulated customers should avoid a few hours in the afternoon if they want to save a few cents on their energy bills at the end of the month. In addition, during the meal there will be a “magic” hour, the only one costing less than 30 euros, which is highly recommended for connecting electronic devices in the house.

It should be remembered that the “pool” does not accurately reflect the final price of electricity for a regulated consumer, as 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.

Electricity price, per hour

Electricity prices registered an increase on Wednesday cheapest hour from 14:00 to 15:00, when it will cost 29.12 euros/MWh, the only time of day when it reaches such a low level. While most expensive watches They will occur in the afternoon from 18:00 to 20:00, when 143.18 and 141.56 euros/MWh will be recorded successively.

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 the social bonus are exempt from this increase, as their VAT will remain at 10% throughout 2024.

Calculation method

Compared to last year’s prices, the average daily market price in November is €105.58/MWh, compared to €63.45/MWh in November 2023. In PVPC, the average price for November 2023 was 0.14 EUR/kWh. against 0.16 euros/kWh this year, this will be about 5 euros more in the electricity bill, without taking into account the increase in consumption in winter, which can reach 60% for houses with electric heating.

It should be remembered that the “pool” does not quite represent the final amount of the electricity price for the consumer subject to the regulated tariff, since with the advent of 2024, a new method of calculating PVPC has been adopted, 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 quite 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, 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.

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.