By John Ensor • Published: 28 Feb 2024 • 18:24
Image showing electrical appliances. Credit: KsanderDN/Shutterstock.com
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.
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.
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.
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
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.
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Originally from Doncaster, Yorkshire, John now lives in Galicia, Northern Spain with his wife Nina. He is passionate about news, music, cycling and animals.
Are these prices just for Thursday 29 Feb or every day?
Just for February 29 unfortunately Leonie
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