Price of electricity for today, Tuesday May 23, by the hour: what is the cheapest hour?

Consumers will have to be vigilant this Tuesday, May 23, 2023.

Oliver Thansan
Oliver Thansan
22 May 2023 Monday 16:42
24 Reads
Price of electricity for today, Tuesday May 23, by the hour: what is the cheapest hour?

Consumers will have to be vigilant this Tuesday, May 23, 2023. There will be times when putting the washing machine, ironing or using the oven will be more advisable. Knowing which are the cheapest allows you to concentrate spending and save on the bill at the end of the month. The average reference for the whole day in the wholesale market will be 83.78 euros per megawatt hour (MWh), according to the operator OMIE. Again, hour by hour there will be big differences.

The wholesale market figures are reflected in the consumer's receipt. The most expensive hour will be reached between 9:00 p.m. and 10:00 p.m., when the price on the bill will rise to 0.21089 euros per kilowatt hour (kWh), based on data from Red Eléctrica. The cheapest hour, on the opposite side, will be recorded between 4:00 p.m. and 5:00 p.m. in the afternoon, when the kilowatt hour will be paid at 0.11607 euros.

This is the hourly cost of electricity for this Monday at the regulated rate (PVPC, toll 2.0 TD), according to Red Eléctrica. These figures already include the cost of the daily and intraday wholesale market, adjustment services, financing, the cost of variable marketing, tolls and charges. It may also have other concepts such as payments for capacity, surpluses or deficits from renewable auctions and costs for interruptibility services.

The regulated bill prices are dynamic, indexed to the wholesale electricity market. As the energy demand per hour is the factor that determines the price of electricity in each hour, the cost of electricity per hour varies constantly. Thus, with a greater demand in peaks of cold -for heating- or heat -for air conditioning, for example-, prices rise. In addition, it must be taken into account that costs such as adjustment services, marketing, tolls and charges, capacity payments or interruptibility costs, among others, may vary every hour.