The average electricity cost in Spain has seen a notable decrease as the month of October concluded, and this trend continues into November 1, which is All Saints” Day. According to data from the Operator of the Iberian Electricity Market (OMIE), it is essential to examine specific hourly price fluctuations to identify when consumers can save the most and when they should avoid using high-energy appliances.
During the day, the most expensive rates occur primarily in the late afternoon and evening. Specifically, three time slots feature prices exceeding 100 euros per megawatt-hour, making them less favorable for consumers.
Conversely, the most economical periods are concentrated in the early morning and late night. For five consecutive hours, the electricity price remains below 20 euros per megawatt-hour, presenting an opportunity for users to save significantly.
Here is the breakdown of electricity prices for November 1:
- 00:00 to 01:00: 45.93 euros/MWh
- 01:00 to 02:00: 24.42 euros/MWh
- 02:00 to 03:00: 22.49 euros/MWh
- 03:00 to 04:00: 30 euros/MWh
- 04:00 to 05:00: 30.09 euros/MWh
- 05:00 to 06:00: 33.86 euros/MWh
- 06:00 to 07:00: 47.3 euros/MWh
- 07:00 to 08:00: 52 euros/MWh
- 08:00 to 09:00: 50.4 euros/MWh
- 09:00 to 10:00: 23.75 euros/MWh
- 10:00 to 11:00: 18.3 euros/MWh
- 11:00 to 12:00: 14.9 euros/MWh
- 13:00 to 14:00: 15.65 euros/MWh
- 14:00 to 15:00: 15.21 euros/MWh
- 15:00 to 16:00: 21.01 euros/MWh
- 16:00 to 17:00: 36.22 euros/MWh
- 17:00 to 18:00: 56.66 euros/MWh
- 18:00 to 19:00: 82.4 euros/MWh
- 19:00 to 20:00: 103.38 euros/MWh
- 21:00 to 22:00: 100.43 euros/MWh
- 22:00 to 23:00: 80.99 euros/MWh
- 23:00 to 24:00: 72.87 euros/MWh
As the tenth month of the year wraps up, it is worthwhile to reflect on the averages observed in October regarding electricity prices. The highest rate was recorded on November 1, while the lowest occurred on October 5, when it dropped significantly.
