Small increase in electricity prices tomorrow, Thursday, August 29: cheapest hours

The price of electricity this Thursday, August 29, 2024, in Spain will rise to 120.37 euros per megawatt hour (MWh). Thus, the average cost on the wholesale market, or better known as the “pool”, will increase slightly compared to the price of electricity this Wednesday, to 108.43 euros/MWh, according to data provided by the Iberian Energy Market Operator (OMIE).

Cheapest hours of daylight on Thursday, August 29, 2024

The cheapest hours of light will be from 12:00 to 13:00 at a price of 107.42 euros/MWh.

From 13:00 to 14:00: 111.11 EUR/MWh.

From 15:00 to 17:00: 114 EUR/MWh.

From 17:00 to 18:00: 108.96 EUR/MWh.

The most expensive hours of light on Thursday, August 29, 2024

The maximum peak in electricity will be at night. In particular, from 21:00 to 22:00 at a price of 138 euros/MWh. After that, the following time intervals should be avoided.

From 06.00 to 07.00: 124.5 EUR/MWh.

From 07.00 to 08.00: 128.45 EUR/MWh.

From 08.00 to 09.00: 128.85 EUR/MWh.

from 20:00 to 21:00: 131.99 EUR/MWh.

from 22:00 to 23:00: 128.45 EUR/MWh.

Hourly Electricity Price for Thursday, August 29, 2024

From 00:00 to 01:00: 124.36 EUR/MWh.

From 01.00 to 02.00: 119 EUR/MWh.

From 02.00 to 03.00: 117.13 EUR/MWh.

From 03.00 to 04.00: 118.53 EUR/MWh.

From 04.00 to 05.00: 118.85 EUR/MWh.

From 05.00 to 06.00: 119.82 EUR/MWh.

From 06.00 to 07.00: 124.5 EUR/MWh.

From 07.00 to 08.00: 128.45 EUR/MWh.

From 08.00 to 09.00: 128.85 EUR/MWh.

From 09.00 to 10.00: 120 EUR/MWh.

From 10.00 to 11.00: 112.84 EUR/MWh.

From 11:00 to 12:00: 114.6 EUR/MWh.

From 12:00 to 13:00: 107.42 EUR/MWh.

From 13:00 to 14:00: 111.11 EUR/MWh.

From 14:00 to 15:00: 117.13 EUR/MWh.

From 15:00 to 16:00: 114 EUR/MWh.

From 16:00 to 17:00: 114 EUR/MWh.

From 17:00 to 18:00: 108.96 EUR/MWh.

From 18:00 to 19:00: 117.89 EUR/MWh.

From 19:00 to 20:00: 128.18 EUR/MWh.

from 20:00 to 21:00: 131.99 EUR/MWh.

From 21:00 to 22:00: 138 EUR/MWh.

from 22:00 to 23:00: 128.45 EUR/MWh.

From 23:00 to 24:00: 124.73 EUR/MWh.

The price of electricity in different ranges has a noticeable impact on consumers’ pockets. More and more households are checking different prices to try to spend as little as possible on their electricity bills. To do this, check every day how the price per kilowatt-hour changes depending on the time. Finding off-peak hours is the key to saving at the end of the month.

How is the price of electricity formed in Spain?

In 2024, Spain will launch a new methodology for calculating the regulated electricity tariff. Since January 1, other changes have been made to the bill that could make it even more difficult for users to choose the right tariff to survive the harsh winters and the increasingly hot summer months. With the new year, the Iberian exception ends, the limit on transferring benefits that fell from the sky to receiving ends, and an updated regulated rate comes.

The formula by which this price is calculated changes from January onwards. It will no longer be as volatile as it has been so far, because 25% of this value will be for 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 references will account for 55% of the energy value, and the pool the remaining 45%. It is updated every month and published by the system operator so that the companies supplying PVPC, the reference marketers (COR) of the large groups, include these futures.

Companies had to start buying energy last July in order to sell it now. So in practice the regulated rate will be closer to the free market rates, always with the requirement that the companies’ margins be lower. At the moment 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.