Electricity Prices Today: Cheaper Times and Tips to Save on Your Electricity Bill

Bad news for consumers. Storm Irene, which was felt across the region, caused relatively “cheap” electricity prices throughout Friday, with prices changing again this Saturday. As a result, the average electricity price for regulated electricity customers linked to the wholesale market will increase by 164.87% on Saturday, October 21 compared to Friday, to €61.24 per megawatt hour (MWh).

Divided by time period, highest price€200/MWh, will be registered in 8:00 pm and 9:00 pmat the same time he Lowest price will happen in 1:00 pm and 2:00 pmAccording to provisional data from the Iberian Energy Market Operator (OMIE) collected by Europa Press, it is €10/MWh.

This would take prices almost three times higher than on Friday, which stood at 21.77 euros/MWh, the lowest level since mid-April, driven by storms affecting the peninsula, leaving behind strong winds – Give greater prominence to wind power and rainfall. The average electricity market price so far in October is €103.4/MWh, while the average price for the pool in the same month of 2022 was €127.21/MWh.

The compensation to the gas company will be added to the average price of the “pool” that must be paid by beneficiaries of the measure, consumers of regulated rates (PVPC) or consumers despite falling under the measure. Free market, they have index rates, but again at 0 €/MWh, this situation has been repeated since February 27th.

The so-called “Iberian exception” was extended until December 31 after Spain and Portugal reached an agreement with the European Commission. Therefore, it has been extended by seven months until the end of this year, and it cannot be ruled out that it can be extended for a longer period if the framework is also increased.

Specifically, the agreement not only represents an extension of the Iberian exception that already applies, but also hints at some adjustments to adapt to it, such as the price reference, which had previously increased by 5 euros per month, and has become more modest.

In the original agreement, the above-mentioned natural gas reference prices averaged €48.8/MWh: €40/MWh for six months, rising by €5/MWh each month thereafter. It has risen by €1.1/MWh since April last year, eventually reaching €65/MWh.

Currently, as natural gas prices fall below its applicable threshold, the mechanism has not had any impact on the marginal matching process in the wholesale market since the end of February, but if necessary, it will allow for extensions to maintain reasonable prices and not be so dependent on natural gas developments.

To reduce consumption and lower your electricity bill, you can follow these tips:

household appliances

To reduce the consumption of household appliances, it is recommended to:

– Disconnect electrical appliances when you are away from home for long periods of time (holidays). Especially refrigeration and freezers Its consumption accounts for up to 30% of total household consumption.

– Avoid putting them on “standby” as they will continue to consume even if they are not consuming.

– Try to take advantage of sunlight hours to dry your clothes.

hot water

It is recommended that you always:

– Use hot water wisely. It is recommended to be careful not to leave the tap open longer than necessary.

– Generally speaking, water temperature Between 30°C and 35°C Maybe that’s enough.

lightning

suggestion:

– Gradually replace incandescent and halogen bulbs with LED technology as it consumes ten times less power and lasts ten times longer than incandescent bulbs, saving up to 85% of energy.

– Make the most of natural light by turning off lights in naturally lit areas and when there are open spaces or glass walls that facilitate passive surveillance.