Today’s electricity prices: Cheaper hours to run appliances and save on your bill

Friday, July 7, 2023, 20:56

Good news for consumers. At a time when inflation prevails and various products such as food, fuel or tobacco are significantly more expensive, saving a few euros is appreciated as the price of electricity gives some respite. The average price of electricity for regulated tariff customers connected to the wholesale market will decrease by 14.42% on Saturday, July 8, compared to this Friday, to 87.93 euros per megawatt/hour (MWh).

By time slots, the lowest price, 35 Euro/MW, is recorded between 2:00 PM and 3:00 PM, and the highest price is 132.86 Euro/MW, between 9:00 PM and 10:00 PM. .

The electricity 'pool’ average so far in July is 93.47 Euro/MW, compared to 142.13 Euro/MW in the same period last year and 93 in June.

To the average price of this 'pool’ is added the compensation to the gas companies, which is to be paid whether the consumers who are the beneficiaries of the metering, the consumers of the regulated tariff (PVPC) or the company itself. The free market has an indexed rate, but it is again 0 euro/MW, which has been repeated since February 27.

The so-called 'Iberian exception’ has been extended until December 31 after an agreement reached by Spain and Portugal with the European Commission. Therefore, it has been extended for seven months till the end of this year and it is not ruled out that if the said framework is also extended it may be extended for a longer period.

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In particular, the agreement not only represents the extension of the Iberian exception already used, but also some changes to accommodate it, namely the price reference, which until now has increased by five euros per month, will now be soft.

In the original contract, the aforementioned reference price for gas had an average value of 48.8 Euro/MW: this would be 40 Euro/MW for six months, rising by 5 Euro/MW every month thereafter. Now, it will end up at 65 Euro/MW, up 1.1 Euro/MW from last April.

Currently, the mechanism has no effect on processes partially applicable to wholesale markets since the end of February, due to the fall in the price of natural gas below the limits set for its use, but, if necessary, an extension will be allowed. Maintain a reasonable price and do not depend on the evolution of natural gas.

How to save electricity bills

To reduce consumption and reduce electricity bills, you can follow the following tips:

Household appliances

To reduce consumption, it is advised to:

– Unplug electrical appliances when away from home for long periods (vacation). Especially the fridge freezer It consumes up to 30% of total household consumption.

– Avoid leaving them on „stand by” as they will continue to spend even if they don’t consume.

– Try to use sunny weather to dry clothes.

hot water

It is recommended that:

– Use hot water wisely. Care should be taken not to open a tube more than necessary.

– Generally, a water temp Between 30ºC and 35ºC That might be enough.

Lightning

It is recommended that:

– Gradually replace incandescent and halogen bulbs with LED technology, as it uses ten times less power than incandescent bulbs and has a ten times longer useful life, saving 85% of energy.

– Use natural light by turning off lights in naturally lit areas, open spaces or glass walls that contribute to passive surveillance.

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