By John Ensor • Published: 08 Apr 2024 • 22:19
Image of an electric meter and euro banknotes. Credit: Lisa-S/Shutterstock.com
Thrifty consumers of electricity can advantage of up to 20 hours priced at zero euros.
As energy prices soar, Tuesday, April 9, offers a silver lining for consumers. Tomorrow presents a unique opportunity for those with regulated tariffs linked to the wholesale market, who could witness up to twenty hours of significantly lower electricity costs.
On April 9, electricity costs for regulated tariff consumers linked to the wholesale market are set to see a significant decrease. An average cost of £1.29 per megawatt-hour (MWh) marks a 148 per cent reduction from Monday’s rates.
Utilising high-consumption appliances like washing machines during the lowest priced hours is a widely recommended strategy to mitigate monthly electricity bills.
The daily cost fluctuations present a maximum charge of £14.72 per MWh between 9:00 pm and 10:00 pm, with the lowest rate, an enticing £0 per MWh, from midnight to 8:00 pm.
Hour by hour electricity prices
These figures were supplied by the Iberian Market Operator of Energy (OMIE), guiding consumers on when to best use their electricity-intensive appliances.
However, the notion of ‘zero euro’ hours doesn’t translate to completely free electricity for those under the regulated tariff scheme.
Customers must still cover regulated expenses, including the costs of transportation and distribution networks. This detail underscores the complexity behind seemingly cost-effective electricity usage hours.
With strategic planning, consumers can indeed use these lower cost hours to their advantage, potentially leading to noticeable savings on their monthly electricity expenditure.
With advance notice of such savings amidst rising electricity prices provides a glimmer of hope, underscoring the importance of informed consumption in navigating the dynamic energy 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.
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