The implementation of the so-called “Iberian exception” has led to a reduction in electricity bills after the war in Ukraine – which began in February 2022 – exacerbated the energy crisis that our country has been facing for some time.
The new measure, proposed to the European Commission together with Portugal, sets a cap of 40 euros per megawatt hour for the gas used to generate electricity. This is a temporary mechanism which, after an extension, will remain in force until December 31, 2023.
During 2022, Spain saw varying increases in the cost of a megawatt hour, reaching a record-breaking maximum price of 700 euros/MWh. With the introduction of the new mechanism, the government hopes to reduce electricity bills by 15 to 20%.
When will electricity be cheaper on Thursday, September 14th?
According to the Spanish Electricity Network website, the cheapest electricity period will be at 2:00 a.m. on Thursday, September 14th. The price per kilowatt hour is 0.12115 euros and is the same throughout the peninsula, the Balearic Islands, the Canary Islands, Ceuta and Melilla.
When is electricity most expensive on Thursday, September 14th?
On the other hand, on Thursday September 14th, at 8:00 p.m., electricity will become more expensive throughout the peninsula, the Balearic Islands, the Canary Islands, Ceuta and Melilla. The price per kilowatt hour rises to 0.25507 euros during this time window.
How is the electricity tariff calculated?
The electricity bill is calculated based on two prices, the price for the contracted service and the price resulting from the kilowatts consumed per month.
In addition, it also depends on the type of bill contracted, which distinguishes three types of sections depending on the schedule: peak hour (section in which the price of electricity is more expensive), flat hour (with lower costs than in the most expensive section) and the Off-peak period (section with cheaper electricity prices). This billing model was implemented from June.
When choosing the tariff, users can choose between two options: either the tariff offered by their marketer or participation in the regulated market with the Voluntary Price for Small Consumers (PVPC).