Five hours of free electricity 

Electricity consumers on regulated tariffs have the opportunity to enjoy five hours of free electricity, thanks to the ‘perfect storm.’

On Thursday, February 29, thanks to a significant drop in electricity costs, consumers on regulated tariffs linked to the wholesale market are in for a treat.

They will enjoy five hours of free electricity, a perfect time to run high-consumption appliances like washing machines and dishwashers.

This unique price reduction, spurred by the current storm sweeping across Spain, allows for a 48 per cent decrease in electricity costs compared to February 28.

Slash your bills with strategic timing

With an average electricity price now at €4.80 per megawatt-hour (MWh), it’s a good time to make substantial savings.

Setting the washing machine to the cheapest hours, or other appliances that consume the most is a good tip to save on the electricity bill.

Peak and off-peak hours

The day’s pricing will see its peak at €14.61/MWh from midnight to 1:00 am. However, the golden window for consumers is between noon and 5:00 pm, when the price hits zero euros/MWh. This information, courtesy of the Operator of the Iberian Energy Market (OMIE), highlights the importance of timing in electricity usage.

Thursday, February 29

The price of electricity per hour

From 00:00 to 01:00 hours: 14.67 euros/MWh
​From 01:00 to 02:00 hours: 10 euros/MWh
​From 02:00 to 03:00 hours: 6.48 euros/MWh
​From 03:00 to 04:00 hours: 6 euros/MWh
​From 04:00 to 05:00 hours: 5.68 euros/MWh
​From 05:00 to 06:00 hours: 5.83 euros/MWh
From 06:00 to 07:00 hours: 5.6 euros/MWh
​From 07:00 to 08:00 hours: 10.67 euros/MWh
​From 08:00 to 09:00 hours: 1 euro/MWh
​From 09:00 to 10:00 hours: 5.90 euros/MWh
​From 10:00 to 11:00 hours: 3.20 euros/MWh
​From 11:00 a.m. to 12:00 p.m.: 0.10 euros/MWh
​From 12:00 to 13:00 hours: 0 euros/MWh
​From 1:00 p.m. to 2:00 p.m.: 0 euros/MWh
​From 2:00 p.m. to 3:00 p.m.: 0 euros/MWh
​From 3:00 p.m. to 4:00 p.m.: 0 euros/MWh
​From 4:00 p.m. to 5:00 p.m.: 0 euros/MWh
​From 5:00 p.m. to 6:00 p.m.: 0.01 euros/MWh
​From 6:00 p.m. to 7:00 p.m.: 3.28 euros/MWh
​From 7:00 p.m. to 8:00 p.m.: 5 euros/MWh
​From 8:00 p.m. to 9:00 p.m.: 7.97 euros/MWh
​From 9:00 p.m. to 10:00 p.m.: 6.33 euros/MWh
​From 10:00 p.m. to 11:00 p.m.: 5 euros/MWh
​From 11:00 p.m. to 12:00 p.m.: 3.40 euros/MWh

The usual suspects

When it comes to household electricity consumption, not all appliances are equal. The dishwasher, washing machine, and refrigerator are the main culprits, significantly impacting annual bills.

According to the OCU, ‘the dishwasher…can consume up to 246 kWh per year,’ ‘the washing machine…up to 255 kWh per year,’ and ‘the refrigerator…662 kWh per year.’ These figures translate to considerable amounts on the annual electricity bill, underscoring the importance of energy efficiency and proper usage.

Understanding the fluctuations in electricity prices is crucial. The price varies throughout the day, influenced by demand and supply dynamics in the wholesale market.