The price of electricity today for regulated rate customers rises sharply, 20%, to 286 euros/MWh. Check the price of electricity in detail for this Thursday, September 22
Strong growth again in the price of electricity tomorrow, Thursday. The cost of electricity rises no less than 20% over the previous day to stand at 286 euros/MWh. A rise that consumers’ pockets will undoubtedly notice in their electricity bill.
Knowing what time to start the washing machine tomorrow, Thursday, September 22, to use the dishwasher or turn on the air conditioning helps families pay as little as possible, although this Thursday will be a demanding day for the pocket. And it is that the price of electricity today in the wholesale market (‘pool’) stands at 175.42 euros per MWh on average, as published by the Iberian Energy Market Operator (OMIE).
Compensation at the price of electricity tomorrow Thursday
If the mechanism of the ‘Iberian exception’ did not exist to cap the price of gas for the generation of electricity, the price of electricity in Spain would be on average around 331 euros/MWh, which is 45 euros/MWh more than with the compensation for regulated rate customers, who will thus pay 13.68% less on average.
In a context of continuous price rises for all kinds of products, consumers are forced to plan in detail when to carry out household tasks that depend on their appliances. Thus, checking hourly hourly rates is a great help for households, since hourly energy savings improve our economy. Due to these constant increases in electricity prices, Spain supports the mandatory cut in electricity consumption, mainly during peak hours, one of the measures that are on the table of the European Commission.
Changes in the electricity bill
This past weekend marked a year since the Government launched the first decree to cushion the effects of the rise in electricity in Spain. A year later, the electricity bill has completely changed. In fact, if you compare a receipt from this summer with one from the previous one, you can see how the weights of each of the realities included in any receipt have changed. Thus, the cost of the electricity consumed by the home in each invoiced period (euros per kWh consumed) used to account for a quarter of everything that was paid to the electricity company each month. Now, it accounts for more than 75% of the bill we pay to energy companies.
This is the concept that has risen the most in the last twelve months. To give an example, in the case of the regulated tariff, in September of last year consumers covered by this modality paid an average of 0.21 euros/kWh, a cost that is already high compared to the average of recent years. . Now, that price is above 0.36 euros/kwh. That is, 70% more expensive than a year ago.
The Council of Ministers approved last Tuesday the reduction of the VAT rate applied to the natural gas receipt from 21% to 5%, which will be in force between the months of October and December, although the Government does not rule out the extension of the measure for next year “if necessary”. The third vice president and minister for the Ecological Transition and the Demographic Challenge, Teresa Ribera, indicated that this reduction, included in a royal decree-law and that will also apply to the purchase of briquettes and pellets, is intended to “support the domestic consumers and industry in the face of the energy crisis caused by the tension generated by Putin».
The Ministry for the Ecological Transition and the Demographic Challenge estimated that the application of the measure during these next three months will provide total savings, between the gas reduction -190 million euros- and for these ecological substitutes of about 210 million. This new VAT rate of 5% will benefit all supplies of natural gas, including those destined for the boilers of neighboring communities. Until December 31, 2022, the reduced rate will apply to intra-community deliveries, imports and acquisitions of natural gas, facilitating access to this supply before the arrival of winter and providing consumers with savings.
With this new measure, the Government seeks to reduce consumers’ heating bills ahead of the arrival of autumn and winter. Thus, in the case of the natural gas receipt, the tax reduction that is already being applied to the electricity bill is equalized.
Electricity price tomorrow Thursday for hours
The wholesale market electricity rate directly influences the final cost that the consumer has to pay to start up their appliances from hour to hour.
Electricity rate tomorrow, Thursday, September 22, 2022, hour by hour
from 3:00 p.m. to 5:00 p.m., with 138.7 euros / MWh
most expensive hour
from 8:00 p.m. to 9:00 p.m., with 250 euros / MWh
In this way, the cheapest time to start up the appliances with the highest consumption in the home (oven, dishwasher and refrigeration or heating systems) will be between three and five in the afternoon, with 138.7 euros/MWh. On the contrary, the most expensive will be between eight and nine at night, with 250 euros / MWh.
With these records in mind, this Wednesday it is key to know what time the electricity price is cheapest.
Iberian exception to contain the price of electricity
The Iberian mechanism, which entered into force on June 15, limits the price of gas for electricity generation to an average of 48.8 euros per MWh over a period of twelve months, thus covering the coming winter, a period in which energy prices are more expensive. Specifically, the ‘Iberian exception’ sets a path for natural gas for electricity generation at a price of 40 euros/MWh. in the initial six months, and subsequently, a monthly increase of five euros/MWh. until the end of the measurement.
The prices of the ‘pool’ have a direct impact on the regulated rate -the so-called PVPC-, to which almost 11 million consumers in the country are covered, and serve as a reference for the other 17 million who have contracted their supply in the free market .
Therefore, one more day the price of electricity will vary significantly hour by hour throughout the day, depending on the tolls and charges established in each of the time slots of the electricity rate. In fact, the National Commission of Markets and Competition (CNMC) has verified that in 2021, in the framework of the upward spiral of energy, around 1.25 million people switched from the PVPC to a rate in the free market at a fixed price.
Appliances that consume the most
In all homes we have appliances with high electrical consumption. According to a study by the OCU, the household appliances that require the most energy are, in this order: refrigerator (662 kWh per year on average), freezer (563 kWh), television (263 kWh), washing machine (255 kWh), dryer (255 kWh) and dishwasher (246 kWh). As for the first two, essential for families, it is clear that there is not much room for savings since it is not possible to disconnect them.
What consumers can do is make the most of the capacity of the refrigerators and adjust the thermostat between 4 and 6º, and above all prevent the door from being left open for too long. When choosing its location it is very important that the refrigerator is located away from the oven, a radiator or a sunny window or balcony.
Other tips that serve to save on electricity bills are not leaving mobile chargers or headphones connected for longer than necessary, turning off devices that are not being used, not leaving the TV on if you are not watching, etc.