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    Electricity prices today, October 3 by hours: when it is cheaper and when it is more expensive


    October 4, 2022 - CE Noticias Financieras

     

      The price of electricity will rise this Monday by 8.2%, exceeding 250 euros per megawatt hour (MWh), while the situation in Ukraine and the geopolitical context continues to raise the price of energy.

      Specifically, for this Monday, October 3, the average price per megawatt hour in the electricity pool will be 200.38 euros/MWh. To this should be added 50.86 euros/MWh for compensation to gas companies, so the real average price for the consumer of the regulated tariff will be 251.24 euros per megawatt hour.

      This price for PVPC customers is the result of adding the average price of the auction in the wholesale market and the compensation that demand will pay to combined cycle power plants for the application of the 'Iberian exception' to cap the price of gas for electricity generation.

      This price, however, will only apply to households that have contracted a regulated tariff (PVPC), almost 11 million in Spain. As long as they have their bill in the free electricity market, they will only notice the increase when their contract is updated on an annual basis.

      At what time is electricity cheapest?

      According to OMIE data, and excluding compensation to gas companies, the cheapest time for electricity will be in the afternoon, between 15.00 and 16.00 hours, when electricity will cost 165 euros/MWh.

      At what time is electricity most expensive?

      The most expensive time to turn on the electricity will be at the end of the day, between 20.00 and 21.00 hours, when it will cost 270 euros/MWh.

      How much does electricity cost per hour?

      - From 00:00 to 01:00 hours: 196.39 euros/MWh.

      - From 01:00 to 02:00 hours: 187 euros/MWh.

      - From 02 to 03 hours: 190.28 euros/MWh.

      - From 03 to 04 hours: 190.28 euros/MWh.

      - From 04 to 05 hours: 194.29 euros/MWh.

      - From 05 to 06 hours: 197.7 euros/MWh.

      - From 06 to 07 hours: 199.46 euros/MWh.

      - From 07 to 08 hours: 204.97 euros/MWh.

      - From 08 to 09 hours: 235 euros/MWh.

      - From 09 to 10 hours: 215 euros/MWh.

      - From 10 a.m. to 11 a.m.: 195.61 euros/MWh.

      - From 11 a.m. to 12 a.m.: 187 euros/MWh.

      - From 12 to 13 hours: 185.37 euros/MWh.

      - From 13 to 14 hours: 180 euros/MWh.

      - From 14 to 15 hours: 169.31 euros/MWh.

      - From 15 to 16 hours: 165 euros/MWh.

      - From 16 to 17 hours: 171.43 euros/MWh.

      - From 17 to 18 hours: 187 euros/MWh.

      - From 18 to 19 hours: 199.24 euros/MWh.

      - From 19 to 20 hours: 215 euros/MWh.

      - From 8 p.m. to 9 p.m.: 270 euros/MWh.

      - From 9pm to 10pm: 265 euros/MWh.

      - From 10pm to 11pm: 208.5 euros/MWh.

      - From 11pm to midnight: 200.3 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 rising sharply and its use is essential for the production of energy in the so-called combined cycle power plants. Thus, any impact on the price of gas has an almost immediate impact on the price of electricity.

      The impact of the 'Iberian exception

      In the absence of the 'Iberian exception' mechanism to cap the price of gas for electricity generation, the price of electricity in Spain would be on average around 261.38 euros/MWh, which is almost 10.14 euros/MWh more than with the compensation for regulated tariff customers, who will thus pay 3.8% less on average.

      The 'Iberian mechanism', which came into force on June 15, limits the price of gas for electricity generation to an average of 48.8 euros per MWh for a period of twelve months, thus covering the coming winter, a period in which energy prices are more expensive.

      Specifically, the 'Iberian exception' sets a path for natural gas for electricity generation of a price of 40 euros/MWh in the initial six months, and thereafter, a monthly increase of five euros/MWh until the end of the measure.

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