The electricity market is where electricity is bought and sold, similar to how other commodities like oil or gas are traded. In this market, prices are determined by supply and demand, with various factors influencing costs like weather, production methods (renewable or non-renewable energy), and overall electricity consumption.
Electricity markets like NordPool exist to efficiently match supply and demand of electricity. Unlike most commodities, electricity cannot be stored in large quantities, so it must be produced and consumed in real time. This dynamic nature requires a transparent, regulated system where prices reflect current conditions.
By allowing multiple producers and distributors to participate in the market, prices are determined more by supply and demand. This creates an open competetive market environment to develop innovative solutions for power generation that yield in best efficiency, favoring the production of electricity with lower upfront costs and reduced operational expenses. Eventually leading to a market where energy producers with lowest margins can thrive.
Day-ahead data refers to electricity prices that are determined one day in advance. Participants submit their bids for how much electricity they plan to buy or sell for each hour of the upcoming day. Based on supply and demand forecasts, the market sets prices for every hour of the next day. This allows electricity producers, distributors, and consumers to plan ahead, ensuring they are prepared for the expected energy costs and consumption levels.
Nord Pool publishes electricity prices in megawatt-hours (MWh), but for everyday consumers, it''s more practical to think in kilowatt-hours (kWh). For example, a typical oil radiator might have a power rating of 2000W (or 2kW). If the radiator runs continuously for one hour, it will consume 2kWh of electricity.
Our electricity price graph displays the cost in cents per kilowatt-hour (cents/kWh). So, if your oil radiator consumes 2 kWh of electricity and the current price is 10 cents per kWh, the total cost for running the radiator for one hour would be:
Bulgaria''s energy landscape is diverse, with a significant portion of its electricity generated from coal. This fossil fuel has traditionally been a cornerstone in the country''s energy mix, due to abundant local reserves.
Recent years have seen a surge in Bulgaria''s investment in renewable energy. Solar power, in particular, has witnessed significant growth, with numerous solar parks being developed across the country.
Bulgaria''s strategic geographical location enables it to trade electricity with neighboring countries. This includes both import and export of electricity, depending on domestic demand and production capacity.
Efforts have been made to liberalize the market, allowing for greater competition and private sector involvement, which is expected to lead to more competitive pricing and improved service quality.
Looking forward, Bulgaria is poised to continue its journey towards a more diversified and sustainable energy mix. Emphasis on renewable sources is expected to grow, in alignment with global environmental goals.
With the energy-saving shower, you can save up to 50% energy compared to standard shower heads. Or you can shower half the time. With the electricity price today in Bulgaria you can save 0.36 € for each shower.
The price of electricity can fluctuate a lot during the day and charging an electric car consumes a lot of electricity. With the cost of electricity today in Bulgaria it is 2.27 € cheaper to charge at the hours with the lowest price.
Heating certainly uses the most electricity, closely followed by hot water and charging electric cars. Electrical appliances such as TVs, mobile phones and computers use very little electricity in relation to heating.
Sofia, the capital of Bulgaria, has a developed infrastructure for electricity generation, transmission, and distribution. The city has a mixture of traditional power plants, renewable energy sources, and imported electricity to meet the growing demand.
The electricity network in Sofia is managed by the national electricity company, National Electricity Company(NEK), which ensures a reliable and steady supply of electricity to households and businesses.
It costs €0.72 to shower for 10 minutes in Sofia. If you are showering for 10 minutes once a day, it will cost you a total of €21.6 per month. If you decide to reduce showers to 5 minutes, you would save €10.80.
About Sofia electricity market
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