New reduction in electricity prices for tomorrow, Sunday, October 6: seven sections of 0 euros.
Saturday, October 5, 2024, 4:36 pm
The price of electricity this Sunday, October 6, 2024 in Spain will fall to 21.96 euros per megawatt hour (MWh). Thus, the average price on the wholesale market, or better known as the “pool”, registered a drop of 63% compared to the price of electricity this Saturday of 60.4 euros/MWh, as shown by data provided by the Operator of the Iberian Energy Market (OMIE).
There are seven sites where the price of electricity is set at 0 euros or negative. This doesn’t mean it’s free. A regulated electricity bill includes numerous fixed costs that are influenced by several factors. For example, financing from the system operator (OMIE) and market operator (REE), as well as other fees.
Cheapest light hours on Monday, October 7, 2024
The cheapest hours of light will be from 13:00 to 16:00 at a price of -0.01 EUR/MWh.
From 11:00 to 12:00: 0.01 EUR/MWh.
From 12:00 to 13:00: 0 EUR/MWh.
From 16:00 to 17:00: 0 EUR/MWh.
From 17:00 to 18:00: 0.44 EUR/MWh.
The most expensive hours of light on Monday, October 7, 2024
The maximum peak of electricity will be at night. In particular, from 21:00 to 22:00 at a price of 85.23 euros/MWh. After this, the following time intervals should be avoided.
From 19:00 to 20:00: 59.03 EUR/MWh.
From 20:00 to 21:00: 78.05 EUR/MWh.
from 22:00 to 23:00: 63.5 EUR/MWh.
Hourly electricity price for Monday, October 7, 2024.
From 00.00 to 01.00: 47.4 EUR/MWh.
From 01.00 to 02.00: 30.83 EUR/MWh.
From 02.00 to 03.00: 25 EUR/MWh.
From 03.00 to 04.00: 10.39 EUR/MWh.
From 04.00 to 05.00: 5 euros/MWh.
From 05.00 to 06.00: 4.69 EUR/MWh.
From 06.00 to 07.00: 10.39 EUR/MWh.
From 07.00 to 08.00: 10.39 EUR/MWh.
From 08.00 to 09.00: 10.39 EUR/MWh.
From 09.00 to 10.00: 10.39 EUR/MWh.
From 10.00 to 11.00: 3.32 EUR/MWh.
From 11:00 to 12:00: 0.01 EUR/MWh.
From 12:00 to 13:00: 0 EUR/MWh.
From 13:00 to 14:00: -0.01 EUR/MWh.
From 14:00 to 15:00: -0.01 EUR/MWh.
From 15:00 to 16:00: -0.01 EUR/MWh.
From 16:00 to 17:00: 0 EUR/MWh.
From 17:00 to 18:00: 0.44 EUR/MWh.
From 18:00 to 19:00: 17.75 EUR/MWh.
From 19:00 to 20:00: 59.03 EUR/MWh.
From 20:00 to 21:00: 78.05 EUR/MWh.
from 21:00 to 22:00: 85.23 EUR/MWh.
from 22:00 to 23:00: 63.5 EUR/MWh.
From 23:00 to 24:00: 54.9 EUR/MWh.
The price of electricity in different ranges has a noticeable impact on the pockets of consumers. More and more households are checking out different prices to try and spend as little as possible on their energy bills. To do this, check every day how prices per kilowatt-hour change depending on time. Finding off-peak hours is key to saving at the end of the month.
How is the price of electricity determined in Spain?
In 2024, Spain will launch a new methodology for calculating the regulated electricity tariff. As of January 1, there were other changes to the bill that could make it even more difficult for a user to choose the right tariff to get them through the harsh winters, as well as in the face of the increasingly hot summer months. With the new year, the Iberian exception ends, the limit on the transfer of goods falling from the sky in a receipt ends, and an updated regulated rate arrives.
The formula by which this price is calculated changes starting in January. It will no longer be as volatile as it has been so far, because 25% of this value will come from electricity contracted in the future, regardless of what the market shows every hour. The weight of futures markets will gradually increase. In 2024 it will be 25%, in 2025 40%, and from 2026 the majority: future links will make up 55% of the energy cost, and the pool will make up the remaining 45%. is updated every month and published by the system operator to ensure that PVPC supply companies, marketers of reference (COR) of large groups, include these futures.
Companies had to start buying energy last July in order to sell it now. That is, in practice, the regulated rate will be closer to free market rates, always with the requirement that companies’ margins be lower. For now, the change will not be too noticeable, given the increase of a few euros per month; This will result in PVC prices becoming more stable, but in exchange for them being slightly higher.