Electricity in Spain will be completely FREE for 8 hours
Time to get those appliances going as electricity prices plummet across Spain
It’s very seldom we get something for nothing, so be sure to load up the washing machine and pull out the vacuum on Friday May 2 as for a stint of eight hours, electricity will be absolutely free across Spain. In fact, it will even drop into negative values from time to time meaning, in theory, your appliances will actually be making you money.
Overall this Friday, the wholesale electricity market price, known as the ‘pool’, will fall to €10.94 per megawatt hour (MWh), 17.68% lower than the price recorded on Thursday May 1 .
But more importantly, electricity will be at zero or even negative cost for eight hours, from 12pm to 8pm, after which it will climb to €13.04 per MWh.
After a record low of -10 euros per megawatt hour on Thursday, Friday's low will be -4 euros/MWh, a figure that will be repeated between 3pm and 6pm.
This should come as welcome news indeed since power costs shot up after the national power outage on Monday April 28. According to Spain’s electricity market operator OMIE, the average wholesale price rose sharply on Wednesday April 30, reaching €31.87 per megawatt hour (MWh). That’s a 450% increase compared to Tuesday, when it stood at just €5.79 per MWh.
While it might seem strange to think of electricity prices coming in at a negative balance, it’s actually something that’s happening more and more often. On Easter Sunday, prices crashed to just €1.72 per megawatt hour - the lowest seen in a year. The highlight for consumers was an incredible 11-hour stretch, from 9am to 8pm, where power prices sat at zero, or even dipped into negative territory.
However, it’s worth pointing out that these negative wholesale market prices are not directly passed on to regulated-tariff customers, as there are fixed costs for electricity consumers, including tolls, charges and system adjustments.
If you’re looking to get the best bang for your buck on Friday May 2, here’s a breakdown of the hourly costs of electricity:
- 10:00 to 11:00: 0.85€/MWh
- 11:00 to 12:00: -0.01€/MWh
- 12:00 to 13:00: -0.99€/MWh
- 13:00 to 14:00: -3€/MWh
- 14:00 to 15:00: -4€/MWh
- 15:00 to 16:00: -4€/MWh
- 16:00 to 17:00: -4€/MWh
- 17:00 to 18:00: -2€/MWh
- 18:00 to 19:00: 0€/MWh
- 19:00 to 20:00: 13.04€/MWh
- 20:00 to 21:00: 35.01€/MWh
- 21:00 to 22:00: 67.05€/MWh
- 22:00 to 23:00: 52.05€/MWh
- 23:00 to 24:00: 41.05€/MWh
Spain’s electricity prices have certainly been on a wild ride lately, changing not just daily but hourly. With this kind of volatility, keeping an eye on rates and adjusting usage is more important than ever.
If you’re fed up with high bills, now’s a great time to look for a better deal.
Spanish Energy makes it easy with a free bill comparison service that’s already helping households across the country save money.
To see what you could save, contact them on WhatsApp at +34 644 462 145 or visit www.spanishenergy.es.
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To reach out to them for a FREE quote, send a WhatsApp to +34 644 462 145 or email steve@spanishenergy.es.
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