check the cheapest hours for January 29

From the beginning of the week, electricity prices will rise. The price of electricity this Monday, January 29, 2024, in Spain will rise after four days of decline and reach the level of 77.97 euros per megawatt hour (EUR/MWh). This figure is the result of the average of his time intervals. According to the data that the Iberian Energy Market Operator (OMIE) updates every day, this figure represents a decrease compared to the recorded figure of 52.14 euros/MWh recorded at the close of the week this Sunday. .

Cheapest electricity hours on Monday, January 29, 2024.

The cheapest hour of electricity this Monday, January 29, 2024, will be from 01:00 to 02:00, then the price will be 47.26 euros per megawatt. These are the main time slots with the cheapest daylight hours:

From 01:00 to 02:00: 47.26 EUR/MWh.

From 11:00 to 12:00: 71.27 EUR/MWh.

From 12:00 to 13:00: 70.24 EUR/MWh.

From 13:00 to 14:00: 73.81 EUR/MWh.

From 14:00 to 15:00: 78.03 EUR/MWh.

The most expensive hours of light on Monday, January 29, 2024

The most expensive hour of electricity this Monday, January 29, 2024, will be from 6:00 pm to 7:00 pm. In this range it will reach a ceiling of 110 euros per megawatt per hour. These are higher cost time periods during which it is recommended to avoid turning on the most consumed appliances, such as the washing machine or oven.

From 08:00 to 09:00: 99.26 EUR/MWh.

From 18:00 to 19:00: 110 EUR/MWh.

From 19:00 to 20:00: 107.52 EUR/MWh.

From 20:00 to 21:00: 108.5 EUR/MWh.

From 21:00 to 22:00: 92.18 EUR/MWh.

Hourly electricity price for Monday, January 29, 2024.

From 00:00 to 01:00: 49.97 EUR/MWh.

From 01:00 to 02:00: 47.26 EUR/MWh.

From 02:00 to 03:00: 48.12 EUR/MWh.

From 03:00 to 04:00: 47.97 EUR/MWh.

From 04:00 to 05:00: 51.58 EUR/MWh.

From 05:00 to 06:00: 60.06 EUR/MWh.

From 06:00 to 07:00: 80.66 EUR/MWh.

From 07:00 to 08:00: 88.7 EUR/MWh.

From 08:00 to 09:00: 99.26 EUR/MWh.

From 09:00 to 10:00: 88.39 EUR/MWh.

From 10:00 to 11:00: 78.9 EUR/MWh.

From 11:00 to 12:00: 71.27 EUR/MWh.

From 12:00 to 13:00: 70.24 EUR/MWh.

From 13:00 to 14:00: 73.81 EUR/MWh.

From 14:00 to 15:00: 78.03 EUR/MWh.

From 15:00 to 16:00: 78.78 EUR/MWh.

From 16:00 to 17:00: 82.87 EUR/MWh.

From 17:00 to 18:00: 89.86 EUR/MWh.

From 18:00 to 19:00: 110 EUR/MWh.

From 19:00 to 20:00: 107.52 EUR/MWh.

From 20:00 to 21:00: 108.5 EUR/MWh.

From 21:00 to 22:00: 92.18 EUR/MWh.

From 22:00 to 23:00: 87 EUR/MWh.

From 23:00 to 12:00: 80.29 EUR/MWh.

The price of electricity in different ranges has a noticeable impact on the pockets of consumers. More and more households are checking out different prices to try and spend as little as possible on their energy bills. To do this, check every day how prices per kilowatt-hour change depending on time. Finding off-peak hours is key to saving at the end of the month.

How is the price of electricity determined in Spain?

In 2024, Spain will launch a new methodology for calculating the regulated electricity tariff. As of January 1, there were other changes to the bill that could make it even more difficult for a user to choose the right tariff to get them through the harsh winters, as well as in the face of the increasingly hot summer months. With the new year, the Iberian exception ends, the limit on transferring benefits that fell from the sky into receipts ends, and the updated adjustable rate arrives.

The formula by which this price is calculated changes starting in January. It will no longer be as volatile as it has been so far because 25% of this value will be contracted electricity in the future, regardless of what the market shows hourly. The weight of futures markets will gradually increase. In 2024 it will be 25%, in 2025 40%, and from 2026 the majority: future links will make up 55% of the energy cost, and the pool will make up the remaining 45%. is updated every month and published by the system operator to ensure that PVPC supply companies, marketers of reference (COR) of large groups, include these futures.

Companies had to start buying energy last July in order to sell it now. That is, in practice, the regulated rate will be closer to free market rates, always with the requirement that companies’ margins be lower. For now, the change will not be too noticeable, given the increase of a few euros per month; This will result in PVC prices becoming more stable, but in exchange for them being slightly higher.