The price of electricity in November averages just over €50 per megawatt-hour for regulated tariff customers. This is less than half of what was paid on the electricity bill a year ago. But what can we expect in the next few days?
Experts Predict a Stable Price
According to experts, the prices are not likely to increase, which will come as a relief for customers who are always on the lookout for the cheapest hours to use their appliances, such as running the washing machine.
Today, the most expensive minutes will cost €68.1 per megawatt-hour between 6:00 PM and 7:00 PM. On the other hand, the minimum price of €7.41 per megawatt-hour will be reached between 2:00 PM and 3:00 PM, according to provisional data from the Iberian Energy Market Operator (OMIE).
This price comes after a 27.8% decrease compared to today’s price. This decline in cost helps experts predict what might happen with electricity prices in the coming weeks.
Electricity Prices in the Coming Days
Data from consultancy firm Grupo ASE shows that renewable generation increased its production by 36.5% in the first 20 days of November compared to the same period last year, covering 70% of the peninsula’s electricity demand.
With the increased presence of renewables, the activity of gas combined cycles decreased by 55% and now only accounts for 9.7% of the generation mix. This is despite two nuclear power plants (Cofrentes and Ascó II) being temporarily disconnected from the grid due to scheduled maintenance.
Analysts from Grupo ASE predict that the increase in wind power generation this week, along with the reconnection of the Cofrentes nuclear power plant and the price of gas in Spain, could keep electricity prices below €100 per megawatt-hour for the remaining days of the month.
Electricity Prices, Twice as Expensive as in 2019
Although November’s prices haven’t seen significant increases, consumers should not normalize this situation. The view should be shifted to before the pandemic, when customers paid much less for electricity.
As we mentioned earlier, the average price of Spanish electricity currently stands at around €90 per megawatt-hour (from January to October). This is far from the pre-pandemic normalcy, even though it is a significant improvement compared to the period when Russia invaded Ukraine, and the market prices exceeded €540 per megawatt-hour.
“We have become accustomed to high prices, and because they are not incredibly high, we are satisfied, right? But it shouldn’t be like this,” says Esther Morlanes, CEO of Alterna Energía, in an interview with La Información.
As the days go by, it is important for consumers to stay informed about electricity prices and make choices that align with their energy needs and budget. With expert predictions, customers can plan their usage wisely, taking advantage of the most cost-effective hours. It’s all about balancing comfort and savings!
