The best and worst times for electricity usage

Today marks a significant spike in electricity costs, with a noteworthy twist for those keen on savings.

On Saturday, March 2, an increase in electricity prices is noted, particularly impacting customers on regulated tariffs linked to the wholesale market.

However, an opportunity arises with four zero-euro hours available for utilising high-consumption appliances such as washing machines and dishwashers.

This comes as a silver lining, thanks to the current storm sweeping across Spain, offering a chance to economise on energy expenses. Customers will face a staggering 94.39 per cent hike compared to the previous day, with the average electricity price stabilising at €4.16 per megawatt hour (MWh).

Optimising appliance use for savings

Experts consistently recommend scheduling the use of energy-intensive appliances during the lowest tariff hours to cut down on electricity bills.

This strategy is especially pertinent today, with specific hours earmarked at very low costs. These include a midday slot between 12:00 pm and 1:00 pm at zero cost, as detailed by the Iberian Energy Market Operator (OMIE).

Navigating the peaks and troughs of electricity pricing

The price dynamics throughout the day reveal a broad spectrum, from the most economical to the priciest intervals. The peak rate, hitting 31.25 euros/MWh, will be from 8:00 p.m. to 9:00 p.m. Conversely, the hours outside the aforementioned zero-cost windows present varied rates, starting from as low as 0.01 euros/MWh during several slots in the  early afternoon, ascending to higher rates as the day progresses. The evening hours notably see a sharp increase, culminating in the most expensive slots before tapering off towards midnight.

Saturday, March 2

From 11:00 am to 12:00 pm: 0.01 euros/MWh
​From 12:00 to 13:00 hours: 0 euros/MWh
​From 1:00 pm to 2:00 pm: 0.01 euros/MWh
​From 2:00 pm to 3:00 pm: 0.01 euros/MWh
​From 3:00 pm to 4:00 pm: 0.01 euros/MWh
​From 4:00 pm to 5:00 pm: 0.99 euros/MWh
​From 5:00 pm to 6:00 pm: 2.04 euros/MWh
​From 6:00 pm to 7:00 pm: 3.2 euros/MWh
​From 7:00 pm to 8:00 pm: 8.12 euros/MWh
​From 8:00 pm to 9:00 pm: 31.25 euros/MWh
​From 9:00 pm to 10:00 pm: 30.55 euros/MWh
​From 10:00 pm to 11:00 pm: 5.6 euros/MWh
​From 11:00 pm to 12:00 pm: 4.2 euros/MWh

These fluctuations underscore the importance of strategic appliance usage to harness the benefits of the lowest rates, thereby achieving potential savings on the electricity bill amidst rising prices. Understanding and acting upon these price variations can significantly mitigate the impact of the rate increase on household budgets.