Electricity prices today Friday August 5: the cheapest times to put appliances

MIREN ELIZONDO Donostia – San Sebastian

Friday, August 5, 2022, 9:39 a.m.

The price of electricity is still falling today. This Friday, August 5, 2022, the
average cost of electricity drop of 7.18% on the wholesale market, which will affect the electricity bill at the end of the month. Knowing what time to start the washing machine, use the dishwasher or turn on the air conditioning helps the consumer to pay as little as possible, even if today Friday will be a less demanding day for the pocket. And it is that the price of electricity on the wholesale market (“pool”) falls to 235.54 euros per MWh. on average, according to data from the Iberian Energy Market Operator (OMIE).

And all this after applying the compensation of the gas cap to the electricity companies, which this Friday meant a supplement in the price of electricity of 100.30 euros, increasing the average cost of the MWh. from 135.24 euros to 235.54 euros. This compensation will ensure that the user covered by the PVPC tariff will benefit less from the gas cap and will therefore see that his electricity bill at the end of the month will be less reduced.

In a context of continuously rising prices for all kinds of products, consumers are forced to plan in detail when to perform household chores that depend on their appliances. Thus, checking the hourly rates is a great help for households, since hourly energy savings improve our economy.

Electricity price today per hour (in kWh.)

The electricity tariff on the wholesale market directly influences the final cost that the consumer has to pay to start up his appliances from hour to hour. Thus, for all users covered by the Voluntary Price for Small Consumers (PVPC), the average cost of electricity set for today, Friday, by Red Eléctrica is 0.322 euros/kWh., after adding to the pool compensation for electricity, in addition to the corresponding tolls and charges.

Thus, the price of the electricity tariff today will be cheaper in the early afternoon, more precisely between 4:00 p.m. and 5:00 p.m. In this bracket, the price of electricity will average 0.274 euros/kWh, which will make it an ideal time to start the appliances that consume the most in our home. Less affordable for the pocket will be to do it at dinner time, between 9 p.m. and 10 p.m., when the electricity rate will skyrocket to 0.386 euros/kWh.

With these records in mind, today, Friday, it will be essential to know at what time the price of electricity is the cheapest, because between the off-peak hour (the cheapest hours) and the hour peak (the most expensive), there will be a difference of 0.112 euros/kWh.

Electricity prices today Friday, August 5, 2022 per hour

The “pool” of electricity, at 135.24 euros/MWh.

This Friday, the average price of MWh. in the electricity “pool” -wholesale market in which energy is bought and sold daily- is 11.99 euros lower than the 147.23 euros recorded this Thursday (separate compensation), as announced by the operator of the Iberian Energy Market (OMIE).

That yes, to the cost of the ‘pool’ must be added compensation to the electric companies, something that significantly increases the price of light. Today, Friday, this compensation for the “Iberian exception” for the gas cap amounts to 100.3 euros/MWh, which a priori prevents the consumer from obtaining greater savings on his electricity tariff. electricity. Of course, if this gas cap did not exist (with its corresponding effect on the price of electricity), the situation would worsen even more, since the cost of electricity would skyrocket to 299.29 euros/ MWh, i.e. 21.3% more.

The devices that consume the most

In all the houses we have appliances with high power consumption. According to a study by the OCU, the household appliances that consume the most energy are, in this order: refrigerator (662 kWh per year on average), freezer (563 kWh), television (263 kWh), washing machine ( 255 kWh), clothes dryer (255 kWh) and dishwasher (246 kWh). As for the first two, essential for families, it is clear that there is not much room to save money since it is not possible to disconnect them.

What consumers can do is make the most of the capacity of the refrigerators and set the thermostat between 4 and 6º, and above all avoid the door being left open too long. When choosing its location, it is very important that the refrigerator be located away from the oven, a radiator or a sunny window or balcony.

Other tips that save on electricity bills are to not leave mobile chargers or headphones plugged in longer than necessary, to turn off appliances that are not in use, to not leave the television on if you don’t watch, etc.

The Iberian mechanism, which entered into force on 15 June, limits the price of gas for electricity production to an average of 48.8 euros per MWh over a period of twelve months, thus covering the coming winter, a period when prices energy are more expensive. Concretely, the “Iberian exception” opens the way to natural gas for the production of electricity at a price of 40 euros/MWh. in the first six months, then 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 tariff -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 on the free market.

Thus, one more day, the price of electricity will vary significantly from hour to hour throughout the day, depending on the tolls and charges established in each of the time bands of the electricity tariff. Indeed, the National Markets and Competition Commission (CNMC) has verified that in 2021, as part of the upward spiral of energy, around 1.25 million people have switched from PVPC to a market tariff. free at fixed price.