The price of electricity rises tomorrow, Monday: the cheapest hours to put the washing machine on

The price of electricity tomorrow, Monday, September 18, 2023, will rise, a lot. The average price of electricity in the wholesale market, which serves as a reference for the regulated tariff or PVPC, will rise by up to 65.9% and will once again be above 100 euros per megawatt hour (MWh). This figure is very far from the average price today, Sunday, and even more so from the four hours in which regulated tariff customers have been able to use their appliances at prices ranging between four and five euros.

The most expensive and cheapest hours of electricity on Monday, September 18

By time slots, the maximum price, of 164.12 euros/MWh, will be registered between 9:00 p.m. and 10:00 p.m., while the minimum price will be between 3:00 a.m. and 4:00 a.m., with 80.20 euros/MWh, according to provisional data from the Iberian Energy Market Operator (OMIE).

Average electricity price for Monday, September 18: 105.81 euros megawatt/hour. Most expensive electricity price for Monday, September 18, 164.12 euros megawatt/hour. Cheapest electricity price for Monday, September 18: 80.20 euros megawatt/hour.

Price of electricity today by time slots

From 00:00 to 01:00 hours: 85.0 euros/MWh. From 01:00 to 02:00 hours: 82.51 euros/MWh. From 02:00 to 03:00 hours: 81.73 euros/MWh. From 03:00 to 04:00 hours: 80.2 euros/MWh. From 04:00 to 05:00 hours: 81.73 euros/MWh. From 05:00 to 06:00 hours: 83.5 euros/MWh .From 06:00 to 07:00 hours: 106.96 euros/MWh.From 07:00 to 08:00 hours: 125.4 euros/MWh.From 08:00 to 09:00 hours: 129.0 euros/ MWh. From 09:00 to 10:00 hours: 125.23 euros/MWh. From 10:00 to 11:00 a.m.: 109.1 euros/MWh. From 11:00 to 12:00: 90.1 euros/MWh. From 12:00 to 1:00 p.m.: 88.19 euros/MWh. From 1:00 p.m. to 2:00 p.m.: 86.5 euros/MWh. From 2:00 p.m. to 3:00 p.m.: 85.0 euros/MWh. From 3:00 p.m. to 4:00 p.m.: 85.0 euros/MWh .From 4:00 p.m. to 5:00 p.m.: 86.5 euros/MWh. From 5:00 p.m. to 6:00 p.m.: 106.96 euros/MWh. From 6:00 p.m. to 7:00 p.m.: 123.91 euros/ MWh.From 7:00 p.m. to 8:00 p.m.: 129.22 euros/MWh.From 8:00 p.m. to 9:00 p.m.: 149.05 euros/MWh.From 9:00 p.m. to 10:00 p.m.: 164.12 euros /MWh.From 22:00 to 23:00 hours: 129.22 euros/MWh.From 23:00 to 24:00 hours: 125.25 euros/MWh

Why does the price of electricity change in each time slot?

Electricity bill prices are flexible and linked to the wholesale electricity market. For this reason, the price of electricity in each time period is determined based on the energy demand at that moment, which gives rise to a constant variation in the cost of electricity throughout the day.

For example, during periods of high demand due to more extreme cold temperatures for heating or extreme heat for air conditioners, prices tend to rise. Additionally, it is important to consider that expenses associated with adjustment services, charges, capacity payments, marketing, weighing, and interruptibility pricing, among others, may vary in price from hour to hour. With the entry into force in January 2024 of the new methodology for calculating the new regulated electricity rate, it is expected to give more stability to the electricity market.

When does the Iberian exception apply?

The so-called ‘Iberian exception’ has been extended until December 31, following the agreement reached by Spain and Portugal with the European Commission. Thus, it is extended by seven months, until the end of this year, and it is not excluded that it could be extended longer if said framework is also extended.

Specifically, the agreement not only represents an extension of the Iberian exception that was already applied, but also involves some adjustments to accommodate it, such as the price reference, which until now was increased by five euros per month, and will now be softer.

In the original agreement, the reference price cited for gas had an average value of 48.8 euros/MWh: it was 40 euros/MWh for six months, rising by 5 euros/MWh each month thereafter. Now, it will increase by 1.1 euros/MWh since last April, to conclude at 65 euros/MWh.

Currently, the mechanism has not had any effect on the marginal matching processes in the wholesale markets since the end of February, due to the drop in the price of natural gas below the thresholds set for its application, but, if necessary, the extension will be It will allow maintaining a reasonable price, not so dependent on the evolution of natural gas.

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