He price of light It will be free this Sunday for seven hours and will be placed at 67.76 euros on average per megawatt hour (MWh) in general. This means that the cost of electricity It will fall by more than 14% from Saturday’s levels, which brought it to the lowest levels in the last two weeks. This is reflected in the provisional data released by the Iberian Energy Market Operator (OMIE) collected by OKDIARIO.
He highest price The light will be on at midnight, that is, around 00:00 and until 1:00. The cost of electricity will then reach 120.86 euros per MWh.
Moreover, in the last hours of this SATURDAYBetween 9:00 p.m. and 10:00 p.m., the amount that will have to be paid for electricity will also reach these high levels and will be 117.22 euros per MWh.
Electricity price will be free
However, consumers will be lucky at certain times of the day. The price of electricity will be freethat is, it will cost 0 euros per MWh (just a few cents), between 11:00 this Sunday and 18:00 this Sunday.
The Spanish can therefore take advantage of these moments to connect and use all the household appliances as washing machines, irons, ovens…If they do, the price they will have to pay will be very minimal.
On the other hand, it is important to emphasize that the average price of electricity in September It stands at 94.74 euros, a fairly high figure that shows the enormous volatility that this market has been experiencing in recent weeks.
Despite this time slot during which electricity will have no cost, these prices do not translate exactly into the received to these zero euros, since there are some fixed costs for the electricity consumer, for tolls, fees and system adaptations.
In other words, even if the price of electricity will be free in the wholesale distribution part for a good part of the day, the consumers They will also have to face a series of payments, without being able to take full advantage of the free service. However, these circumstances remain very beneficial for those who turn on the light or use their household appliances.
In this sense, it should be remembered that pool does not exactly represent the final amount of the price of electricity for a consumer covered by the regulated tariff, since with the entry in 2024 of a new mode of PVPC calculationwhich incorporates a medium and long term price basket to avoid strong fluctuations, without losing the short term price references that encourage economy and efficient consumption.
In this way, the proportion of link with the price of the pool will be gradually reduced, to integrate the references of the futures marketsso that these represent 25% in 2024, 40% in 2025 and 55% from 2026.
Overall, energy prices are fueling the inflation in Spain. He Consumer Price Index (IPC) published by the National Institute of Statistics (INE) reflects that the pace of price increases decreased in August to 2.2%, a considerable drop compared to June.
The Ministry of Economy explained that the moderation of the CPI to 2.2% is due to the cheaper fuelwhich increased in August 2023 and, to a lesser extent, at the lowest cost of foodwhich this month have lowered their prices more than a year ago.
These factors could therefore reverse the trend in September, since the oil price is influenced by several international contingencies which cause its price to rise.
However, the INE includes in the overview of the CPI data an estimate of the underlying inflation (no food not elaborated or energy products), which eased by only a tenth in August, to 2.7%.
This stagnation of underlying inflation shows the importance of the fall in electricity prices in the rate of price increases in Spain, since, if the energyCPI barely drops.
In fact, in monthly terms (August over July), the CPI did not show any variation compared to the previous month, unlike the 0.5% decrease recorded in July and the monthly increase of 0.5% in August 2023. With everything, the INE will publish the final data of the August CPI on September 12.
