BTN News: In recent years, the wholesale price of electricity in Spain has been up and down a lot. The year 2022 was one of the most unstable times ever. Because of this, European countries decided to work together to make the energy market more stable. Today, the average wholesale price of electricity in Spain is €107.32 per megawatt-hour (MWh), according to OMIE. With new rules on gas prices, the daily cost of electricity has gone down, giving some relief to consumers.
On August 1, 2024, the average electricity price for the day is €0.1687 per kilowatt-hour (kWh). There are big changes in prices throughout the day. The lowest price is €0.13182/kWh from 4:00 PM to 5:00 PM, while the highest price is €0.24094/kWh from 9:00 PM to 10:00 PM.
Looking at the hourly prices, we can see that electricity costs vary a lot during the day. Early in the morning, around midnight, the price is €0.14638/kWh. By 4:00 AM, it drops to €0.14122/kWh. As the day goes on, the price goes up. For example, at 10:00 AM, it reaches €0.21489/kWh, and the highest point is €0.24094/kWh at 9:00 PM. This shows how important it is to know these changes to save money on electricity.
Several reasons are causing the rise in electricity prices across Europe. One main reason is the high global gas prices. Gas is used a lot in power plants, which affects the market price. Also, the cost of carbon dioxide (CO2) emission rights has gone up, making electricity more expensive.
Understanding these price changes can be tough for consumers, especially those with regulated tariffs like PVPC (Voluntary Price for Small Consumers). But by knowing the daily and hourly price trends, consumers can plan their electricity use better and save money.
It’s also important to understand the bigger picture of why electricity prices are going up. The changes in gas prices, emission trading schemes, and government rules all play a part in the cost of energy. By keeping track of these factors, consumers can better predict price changes and adjust their electricity use.
In conclusion, the electricity market in Spain and Europe is affected by many factors, from global gas prices to environmental rules. As the market changes, staying informed is key to managing electricity costs. By using daily price data and understanding why prices change, consumers can make better choices, save money, and use energy more efficiently.
