The price of electricity for regulated rate customers fell slightly, by 4.15%, to 456.59 euros/MWh. Check the price of electricity in detail for todaySeptember 1The markets give consumers a slight respite, with a drop in the price of electricity todayThursday after several days of endless increases. It is barely 4.15% but it will undoubtedly be well received by the pockets of customers who have to look carefully at what are the best times to connect the appliances if they do not want to see their bill too bulky. Thus, this Thursday, September 1, the price in the wholesale market stands at 456.59 euros/MWh. The electricity bill is thus reduced after the record registered this Thursday with the average 476.39 euros/MWh marked, the highest value since the entry into force of the so-called Iberian exception and the second highest price in history for regulated rate customers linked to the wholesale market, only behind the record of 544.98 euros/MWh registered on March 8. Knowing what time to start the washing machine, use the dishwasher or turn on the air conditioning or fans helps the consumer to pay as little as possible, although this Thursday will be a demanding day for the pocket. And it is that the price of electricity in the wholesale market (‘pool’) is established at those 456.59 euros per MWh. on average, according to data from the Iberian Energy Market Operator (OMIE). This summer of continuous energy records after the start of the war in Ukraine is going to leave the electricity bill trembling this August, which will be the most expensive month in history in terms of electricity. The combination of factors has meant that the electricity generation price for the last 30 days stands at 307 euros/Mwh. Not even in March, after the outbreak of the Russian invasion, was electricity so expensive. Compensation to the price of electricity today And all this after applying the compensation of the gas ceiling to the electricity companies, which today, Thursday, represents an extra in the price of electricity of 193.36 euros/MWh. This compensation will mean that the user covered by the PVPC rate will not benefit as much from the gas cap and, therefore, will see that their electricity bill at the end of the month is not cut as much. In a context of continuous price rises for all kinds of products, consumers are forced to plan in detail when to carry out household tasks that depend on their appliances. Thus, checking hourly hourly rates is a great help for households, since hourly energy savings improve our economy. Price of electricity today, Thursday, per hour (in kWh.) The wholesale market electricity rate directly influences the final cost that the consumer has to pay to start up their appliances hour by hour, hence the price of electricity electricity today will be 0.578 kWh. once the corresponding tolls and charges are added. Thus, the maximum price of electricity will be registered between 05:00 and 06:00, with 0.66 euros/kWh, while the cheapest this Thursday, of 0.437 euros/kWh, occurs between 15:00 and 16:00. hours. Electricity rate today September 1, 2022, hour by hour Cheapest time 3:00 p.m. – 4:00 p.m., with 0.437 euros / kWh. Most expensive hour 05:00 – 06:00, with 0.66 euros / kWh. With these records in mind, today, Thursday, it will be key to know what time the electricity price is cheapest. Why is the light so high now? Russia and drought This spiral of electricity prices so high that has occurred over the last week is driven by levels of the price of natural gas at maximum levels, mainly due to the announcement by the Russian company Gazprom to cut from August 31 and for three days the pumping of gas to Germany. However, gas futures contracts in the Dutch TTF market fell by more than 17% at the start of the week, standing below 280 euros/Mwh for contracts for September. In the absence of the so-called ‘Iberian exception’, the price of electricity would be 521 euros/Mwh, 62 euros more. The price of electricity is higher in Spain due to the use of combined cycle plants to produce electricity through gas. 35% of the electricity mix was covered this Monday with energy from these plants, compared to the average for last year, around 22%. The cycles are more necessary because hydroelectric production is at a minimum (4% of the total), and renewables barely contribute 34%. The usual thing is that they cover half of the consumption, a circumstance that usually allows lower prices. Iberian exception to contain the price of electricity 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 over a twelve-month period, covering so next winter, a period in which energy prices are more expensive. Specifically, the ‘Iberian exception’ sets a path for natural gas for electricity generation at a price of 40 euros/MWh. in the initial six months, and subsequently, a monthly increase of five euros/MWh. until the end of the measurement. The prices of the ‘pool’ have a direct impact on the regulated rate -the so-called PVPC-, to which almost 11 million consumers in the country are covered, and serve as a reference for the other 17 million who have contracted their supply in the free market . Therefore, one more day the price of electricity will vary significantly hour by hour throughout the day, depending on the tolls and charges established in each of the time slots of the electricity rate. In fact, the National Commission of Markets and Competition (CNMC) has verified that in 2021, in the framework of the upward spiral of energy, around 1.25 million people switched from the PVPC to a rate in the free market at a fixed price. Appliances that consume the most In all homes we have appliances with a high electrical consumption. According to a study by the OCU, the household appliances that require the most energy are, in this order: refrigerator (662 kWh per year on average), freezer (563 kWh), television (263 kWh), washing machine (255 kWh), dryer (255 kWh) and dishwasher (246 kWh). As for the first two, essential for families, it is clear that there is not much room for savings since it is not possible to disconnect them. What consumers can do is make the most of the capacity of the refrigerators and adjust the thermostat between 4 and 6º, and above all prevent the door from being left open for too long. When choosing its location it is very important that the refrigerator is located away from the oven, a radiator or a sunny window or balcony. Other tips that serve to save on electricity bills are not leaving mobile chargers or headphones connected for longer than necessary, turning off devices that are not being used, not leaving the TV on if you are not watching, etc.