Consumers will have to be vigilant this Friday, July 21, 2023. There will be times when putting the washing machine, ironing or using the oven will be more advisable. Knowing which are the cheapest allows you to concentrate spending and save on the bill at the end of the month. The average reference for the whole day in the wholesale market will be 92.81 euros per megawatt hour (MWh), according to the operator OMIE. Again, hour by hour there will be big differences.
The wholesale market figures are reflected in the consumer’s receipt. The most expensive hour will be reached between 9:00 p.m. and 10:00 p.m., when the price on the bill will rise to 0.21779 euros per kilowatt hour (kWh), based on data from Red Eléctrica. The cheapest hour, on the opposite side, will be recorded between 02:00 and 03:00 in the morning, when the kilowatt hour will be paid at 0.11862 euros.
Why does the price of electricity vary in each time slot?
The regulated bill prices are dynamic, indexed to the wholesale electricity market. As the energy demand per hour is the factor that determines the price of electricity in each hour, the cost of electricity per hour varies constantly. Thus, with a greater demand in peaks of cold -for heating- or heat -for air conditioning, for example-, prices rise. In addition, it must be taken into account that costs such as adjustment services, marketing, tolls and charges, capacity payments or interruptibility costs, among others, may vary every hour.