Price of LIGHT for TOMORROW | This Sunday, the price of electricity will decrease due to a new tariff: the hours of switching on appliances will be prohibitively high.

Good news for consumers as electricity prices average this Sunday November 3 decreases by 21.05%. It will be 72.57 euro/MWhThis is evidenced by data from the Iberian Energy Market Operator (OMIE). If we compare this figure with that of a year ago, we can observe an increase of 1159.90%, since on November 3, 2023 the average cost was 5.76 euros/MWh. This increase will primarily affect consumers who entered into variable rate contracts (PVPC) or indexed rates in the free market.

To save as much as possible on your energy bills, we must observe the dynamics hour by hour. This way we will know in which areas electricity drops and costs less. These will be the sections where we could take advantage of the opportunity to connect our equipment and spend less on electricity.

The maximum price for electricity will be from 18:00 to 19:00 at a price of 116.67 euros/MWh. After this, the next time to avoid will be from 19:00 to 20:00 at a price of 114.01 euros. On the other hand, the cheapest hour will be from 12:00 to 13:00 at a price of 7.4 euros.

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 a 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 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 house.

– 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.