By John Ensor • Published: 13 Mar 2024 • 20:59
Electricity prices. Credit: Lisa-S/Shutterstock.com
Consumers who are savvy about the hourly fluctuations in electricity prices can benefit from significant savings.
On Thursday, March 14, customers tied to the wholesale market’s regulated tariff will see a substantial 15 per cent decrease in their electricity rates compared to Wednesday, March 13.
With an average rate standing at £35.99 per megawatt hour (MWh), identifying the best times to operate energy-intensive devices like washing machines or dishwashers becomes a clever strategy to cut down on utility expenses.
The maximum price, of €87.85/MWh, will be between 7:00am and 8:00 am, while the minimum price of €3.20/MWh will be between 3:00 pm and 4:00 pm, according to data from the Operator of the Iberian Energy Market (OMIE).
These figures highlight the potential for cost-effective energy consumption by adjusting the timing of appliance use.
Understanding these fluctuations enables regulated tariff customers to make informed decisions, leveraging the lowest rates to minimise their electricity bills.
With strategic planning, embracing the hours around the minimum pricing can lead to noticeable savings and more efficient home energy management.
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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.
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