The implementation of the so-called ‘Iberian exception’ caused a reduction in electricity bills after the war in Ukraine, which began in February 2022, increased the energy crisis that our country has been facing for some time.
The new measure, proposed by the European Commission together with Portugal, sets a maximum limit of 40 euros per megawatt hour on gas used to generate electricity. This is a temporary mechanism that, after being extended, will be implemented until December 31, 2023.
Throughout 2022, Spain has experienced various increases in the cost of a megawatt hour, to the point of reaching a maximum price of 700 euros per MWh, breaking all records. With the new mechanism implemented, the government hopes to reduce electricity bills by between 15% and 20%.
When will electricity be cheaper on Thursday, November 2?
According to the data offered on the website of the Spanish Electricity Network, the cheapest part of electricity on Thursday, November 2, is at 07:00 in the morning. The price per kilowatt hour will be 0.03224 euros and the same throughout the Peninsula, Balearic Islands, Canary Islands, Ceuta, and Melilla.
When is electricity most expensive on Thursday, November 2?
On the other hand, electricity will be more expensive at 7:00 p.m. on Thursday, November 2, throughout the Peninsula, Balearic Islands, Canary Islands, Ceuta, and Melilla. The price per kilowatt hour will increase to 0.10289 euros in that time slot.
How is the electricity rate calculated?
The electricity bill is calculated using two prices: the price paid for the contracted electricity and the price resulting from the kilowatts consumed during the month.
In addition, it also depends on the type of invoice contracted, which distinguishes three types of sections depending on the schedule: rush hour (section where the price of electricity is more expensive), flat hour (with a lower cost than the most expensive section), and off-peak time (section with cheaper electricity prices). This invoice model has been implemented since June.
Regarding the choice of rate, users can choose two options: the rate offered by their marketer or the regulated market with a voluntary price for small consumers (PVPC).