Although electricity prices on Monday, October 30 increased compared with the previous day, they still maintained the trend of recent days. Although inflation affects all products and services in the country, consumers will still enjoy a few hours of service every day at a reasonable cost. This is why citizens are forced to focus on the cheapest time periods in order to save a few cents at the end of the month.
In this sense, the average price for customers of regulated electricity prices linked to the wholesale market will increase by 185.71% compared to this Sunday, reaching 35 euros per megawatt hour (MWh), although it will remain below 10 euros for 11 hours a day. sky.
By time period, the highest price is 96.81 euros/MWh, recorded between 8:00 pm and 9:00 pm, and the lowest price is 4.30 euros/MWh, recorded between 2:00 pm and 4:00 pm, according to Provisional data from the Iberian Energy Market Operator (OMIE).
Electricity markets set prices through a marginalist system, which allows the newest, most expensive technology needed to meet demand to set the price for all other technologies. However, so-called inframarginal power generation technologies – renewables, nuclear and hydropower – enter the market at zero price, so that when they produce enough to cover all expected consumption, the price is set at zero euros.
In this case, recent storms as well as recent new storms have resulted in demand (which is lower on weekends than on weekdays) being mostly met by renewable technologies (primarily hydro and wind).
The average electricity market price so far in October is €89.64/MWh, while the average price for the pool in the same month of 2022 was €125.98/MWh.
The compensation to gas companies 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.
Tips to save money on electricity bills
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.