The price of electricity continues to skyrocket in Spain. The main cause is the increase in gas prices due to the war in Ukraine. This raw material is used to generate electricity in combined cycle plants, and as this energy source has been used to cover part of the demand for electricity today, the price of a megawatt hour is sky high.
Specifically, and according to data from OMIE, the regulator in Spain and Portugal, for this Sunday, May 29, the price of electricity will be 161.84 euros/MWh, a price 97.92% higher than that of one year, when the price was 81.77 euros/MWh.
This price, however, will only be applied to households that have contracted a regulated rate (PVPC), almost 11 million in Spain. As long as they have their bill in the , they will only notice the increase when their contract is updated annually.
At what time is electricity cheaper?
The cheapest hour of electricity will be in the afternoon. Specifically, between 4:00 p.m. and 5:00 p.m., when electricity will be worth 126.04 euros/MWh.
At what time is electricity more expensive?
The most expensive time to turn on the light will be at dinner time, between 9:00 p.m. and 10:00 p.m., when it will cost 227.98 euros/MWh.
How much does electricity cost every hour?
– From 00 to 01 hours: 169.11 euros/MWh.
– From 01 to 02 hours: 151.53 euros/MWh.
– From 02 to 03 hours: 158.68 euros/MWh.
– From 03 to 04 hours: 148.5 euros/MWh.
– From 04 to 05 hours: 151 euros/MWh.
– From 05 to 06 hours: 160.83 euros/MWh.
– From 06 to 07 hours: 176.56 euros/MWh.
– From 07 to 08 hours: 177.89 euros/MWh.
– From 8 a.m. to 9 a.m.: 171.01 euros/MWh.
– From 9 a.m. to 10 a.m.: 152.67 euros/MWh.
– From 10 a.m. to 11 a.m.: 144.56 euros/MWh.
– From 11 a.m. to 12 p.m.: 145.01 euros/MWh.
– From 12 to 13 hours: 148.5 euros/MWh.
– From 13 to 14 hours: 144 euros/MWh.
– From 2:00 p.m. to 3:00 p.m.: 141.7 euros/MWh.
– From 15 to 16 hours: 138.46 euros/MWh.
– From 4:00 p.m. to 5:00 p.m.: 126.04 euros/MWh.
– From 5:00 p.m. to 6:00 p.m.: 130 euros/MWh.
– From 6:00 p.m. to 7:00 p.m.: 143.5 euros/MWh.
– From 7:00 p.m. to 8:00 p.m.: 161.65 euros/MWh.
– From 8:00 p.m. to 9:00 p.m.: 209 euros/MWh.
– From 9:00 p.m. to 10:00 p.m.: 227.98 euros/MWh.
– From 10 p.m. to 11 p.m.: 215 euros/MWh.
– From 23 to 24 hours: 200.86 euros/MWh.
Why does the price of electricity vary so much?
The main cause of the price fluctuations is that the price of gas is experiencing strong increases and its use is essential for the production of energy in the so-called combined cycle plants. Thus, any impact on the price of gas has an almost immediate impact on the price of electricity.
The current context does not help, precisely, to contain the price of gas. Russia is one of the largest suppliers of gas on the planet and the influence of the war in Ukraine has been felt in half the world, including Spain.
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