Electricity will be free for 7 hours this Saturday, August 24th.
Electricity prices on Saturday, August 24, represent an important respite for consumers on the wholesale electricity market, the so-called “pool”. After several days of significant increases, the weekend begins with prices down more than 40% compared to Friday, when the average cost was 107.09 EUR/MWhwhich is very similar to the pace of the previous days. However, according to the Iberian Operator of the Energy Market (OMIE), on Saturday the average price will fall to 60.32 EUR/MWh and also offers up to 7 hours free in the central part of the day. However, this price is then not transferred to the receipt exactly at these zero euros, since there are fixed costs for the electricity consumer due to tolls, charges and system adjustments.
Price per hour
He maximum price It will take place from 9 am to 10 pm, cost: 116.62 EUR/MWhwhile the cheapest hour Electricity will be paid from 10:00 to 17:00 at the price 0 EUR/MWhEarly mornings will generally be more expensive than nights, and 10am will cost less than €17.
Cost of electricity per hour
| Time Section | Euro/MWh |
| 00.00-01.00 | 115.23 euros |
| 01.00-02.00 | 113.92 euros |
| 02.00-03.00 | 104.92 euros |
| 03.00-04.00 | 119.02 euro |
| 04.00-05.00 | 98.75 euros |
| 05.00-06.00 | 98 euros |
| 06.00-07.00 | 103.42 euros |
| 07.00-08.00 | 105.91 euro |
| 08.00-09.00 | 82.9 euros |
| 09.00-10.00 | 15 euros |
| 10.00-11.00 | 0.1 euro |
| 11.00-12.00 | 0 euro |
| 12.00-13.00 | 0 euro |
| 13.00-14.00 | 0 euro |
| 14.00-15.00 | 0 euro |
| 15.00-16.00 | 0 euro |
| 16.00-17.00 | 0 euro |
| 17.00-18.00 | 3.32 euro |
| 18.00-19.00 | 16.77 euros |
| 19.00-20.00 | 71.41 euro |
| 20.00-21.00 | 103.42 euros |
| 21.00-22.00 | 116.62 euros |
| 22.00-23.00 | 98.75 euros |
| 23.00-24.00 | 90.41 euro |
VAT changes
The last Council of Ministers in 2023 approved an increase in the VAT rate on electricity from 5% to 10% and maintaining this rate until the end of 2024, provided that prices per MWh on the wholesale market remain high, above 45 euros/MWh.
Specifically, VAT will become 21% if the wholesale price is below this threshold in the calendar month preceding the last day of invoicing. Only households receiving a social bonus are exempt from this increase, as their VAT will remain at 10% throughout 2024.
Calculation method
In addition, the “pool” does not exactly reflect the final price of electricity for the consumer subject to the regulated tariff, since with the introduction in 2024 a new method for calculating PVPC was adopted, which includes a basket of prices in the medium and long term, in order to avoid strong fluctuations, without losing short-term price benchmarks that promote savings and efficient consumption.
Thus, the share of the pool price link will gradually be 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 Electricity 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 an extended period (vacation). Especially a fridge freezer which consumes up to 30% of the total consumption of the house.
– Don’t leave them in standby mode as they continue to spend even if they don’t consume.
– Try to use the 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 longer 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 maximum use of natural light by turning off lights in naturally lit areas and anywhere there are open spaces or glass walls that encourage passive viewing.