Wednesday, June 7, 2023

When is it cheaper and when is it more expensive?

The cap on the price of gas, which came into effect on June 15, is already noticeable in the daily price of electricity.

Specifically, for this Monday, May 15, the average price per MWh in the ‘electric pool’ will be 55.6 Euro/MWh. To this, it would be necessary to add 0 Euro/MWh to the compensation to the gas companies (provisional data), so that the real average price for the consumer of the regulated tariff is 55.6 Euro per MWh.

However, this cost will only apply to households that have contracted a regulated rate (PVPC), about 11 million in Spain. As long as their bill is in the free electricity market, they will only notice an increase when their contract is updated annually.

When is electricity cheaper?

According to OMIE data and without counting compensation to gas companies the cheapest hour of electricity will be during the afternoon. Specifically, between 3:00 PM and 6:00 PM, when electricity will cost 4.16 Euro/MWh.

At what time is electricity more expensive?

The most expensive time to turn on the lights is between 9:00 PM and 10:00 PM, when it costs 103.50 Euro/MWh.

How much electricity is spent per hour?

– From 00 to 01 hours: 92.86 Euro/MWh.

– From 01 to 02 hours: 88.27 Euro/MWh.

– From 02 to 03 hours: 82.09 Euro/MWh.

– From 03 to 04 hours: 73.69 Euro/MWh.

– From 04 to 05 hours: 71.96 Euro/MWh.

– From 05 to 06 hours: 73.84 Euro/MWh.

– From 06 to 07 hours: 86.05 Euro/MWh.

– From 07 to 08 hours: 99.57 Euro/MWh.

– From 8 am to 9 am: 93 Euro/MWh.

– From 9 am to 10 am: 55.5 Euro/MWh.

– From 10 to 11 hours: 42.91 Euro/MWh.

– From 11 to 12 hours: 14 Euro/MWh.

– From 12 to 13 hours: 4 Euro/MWh.

– From 13 to 14 hours: 4.17 Euro/MWh.

– From 14 to 15 hours: 4.17 Euro/MWh.

– From 15 to 16 hours: 4.16 Euro/MWh.

– 4 pm to 5 pm: 4.16 Euro/MWh.

– From 17 to 18 hours: 4.16 Euro/MWh.

– From 18 to 19 hours: 4.17 Euro/MWh.

– 7 pm to 8 pm: 44.16 Euro/MWh.

– From 8 pm to 9 pm: 93 Euro/MWh.

– From 21 to 22 hours: 103.5 Euro/MWh.

– From 10 pm to 11 pm: 101.81 Euro/MWh.

– From 23 to 24 hours: 88.27 Euro/MWh.

Why is there such a difference in electricity prices?

The main reason for the price volatility is that gas prices are rising drastically and its use is essential for the production of energy in so-called combined cycle plants. Thus, any effect on the price of gas has an almost immediate effect on the price of electricity.

The effect of the ‘Iberian exception’

The Iberian Mechanism, which entered into force on 15 June, caps the price of gas for electricity generation at an average of 48.8 euros per MWh for a twelve-month period, thus covering the coming winter, a period in which energy will be scarce. Prices are more expensive. ,

In particular, the ‘Iberian exception’ sets the path to natural gas for electricity generation at a cost of 40 Euro/MWh in the initial six months, and subsequently, a monthly increase of 5 Euro/MWh until the end of the measure.

Nation World News Desk
Nation World News Desk
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