The increase in VAT on electricity from 5% to 10%, which came into force on January 1st and which will still have to be validated by Congress this Wednesday, is being felt on the price of electricity, which this Tuesday January 9th it becomes more expensive again and leaves minimum hourly rates of almost 100 euros/MWh for all customers with regulated or indexed tariffs in the free market.
The average price of electricity on January 9 was 113.83 per megawatt hour (euro/MWh), 7.3% higher than that on Monday, which was 105.51, i.e. 8.32 euros more, according to data provided by the Iberian Energy Market Operator (OMIE).
The cheapest hours will be those in the early morning and will be around 97-98 euros/MWh, while the most expensive ones will be concentrated in the afternoon, between 5pm and 8pm, with prices between 137 and 148 euros/MWh.
Temporal sections
Price of electricity per hour
Hourly section Euro/MWh 00.00-01.00 98.92 01.00-02.00 100.0 02.00-03.00 98.43 03.00-04.00 98.62 04.00-05.00 97.15 05.00-06.00 97.53 06.00- 07.00 102.79 07.00-08.00 108.28 08.00-09.00 122.55 09.00-10.00 120.75 10.00-11.00 110.32 11.00 -12.00 107.67 12.00-13.00 107.01 13.00-14.00 106.48 14.00-15.00 107.07 15.00-16.00 114.75 16.00-17.00 124.29 1 7:00-18:00 1 37.35 18:00-19:00 137.0 7.00pm – 8.00pm 138.95 8.00pm – 9.00pm 148.01 9.00pm – 10.00pm 130.0 10.00pm – 11.00pm 111.86 11.00pm – 10.00pm 106.11
Price increases
Taking as a reference a home that consumes around 190 kilowatt hours (kWh) at 0.12 euros/kWh – free market price -, the annual increase in VAT would mean an increase of around 25 euros, going from around 510 euros per year to 534.29. EUR.
The tariff of last resort (TUR) for individual natural gas and the stamps needed for sending letters and postcards has also increased.
Similarly, other electricity-related taxes will also be changed throughout the year. Specifically, the Tax on the Value of Electricity Production (IVPEE) – currently suspended – will have a rate of 3.5% until March, rising to 5.25% until June, and the Special Tax on ‘Electricity (EEI) – now at 0.5% compared to 5.1% – will be set at 2.5% in the first quarter of the year and will rise to 3.8%.
As regards the fixed costs of the electricity system, such as the tariffs – established by the Government -, they will remain at the same current levels for 2024, 55% lower than the pre-war ones, and the 80% discount on electro-intensive tolls for companies. Tolls, set by the National Commission for Markets and Competition (CNMC), will also decrease by an average of 1.1%.
In the case of natural gas from natural gas supplies, VAT will be at 10% for the first three months of 2024, while it will remain at the same level for biomass fuels for six months. Heat supplies will follow the same pattern, depending on their fossil or renewable origin.
Furthermore, the limit on the growth of the regulated gas tariff (TUR) is extended – which prevents an increase in the cost of raw materials above 15%, limiting the quarterly increase to approximately 5% -, the existence of the specific TUR for tariffs of community proximity and the maximum price of the butane cylinder of 19.55 euros. Specifically, the butane cylinder will begin to be installed in 2024 at a maximum price of 15.14 euros, pending the revision this January.
Tips for saving on your electricity bill
To reduce consumption and lower your electricity bill you can follow these tips:
Home appliances
To reduce the consumption of your household appliances it is advisable:
– Unplug household appliances when you are away from home for a long period (holidays). Especially the fridge freezer which consumes up to 30% of the total consumption of the house.
– Avoid leaving them on “stand by” as they continue to spend, even if they do not consume.
– Try to take advantage of the sunny hours to dry your clothes.
Hot water
We advise you to:
– Use hot water wisely. It is advisable to take care that a tap is never left open longer than necessary.
– In general, the water temperature between 30ºC and 35ºC it might be enough.
Lightning
It is advisable:
– Progressively replace incandescent and halogen bulbs with LED technology, as it consumes ten times less energy than incandescent bulbs and has a ten times longer useful life, saving up to 85% energy.
– Make the most of natural light by turning off lights in naturally lit areas and whenever there are open spaces or glass walls that contribute to passive surveillance.
2024-01-08 19:03:36
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