Electricity prices TOMORROW, Monday, January 22: cheapest hours.

As temperatures plummet, all we want to do is stay home with the heating on to stay warm. However, many consumers will think twice about turning on the stove or radiator as it may incur costs at the end of the month.

And the cost of electricity continues to rise rapidly. After record numbers were recorded in 2023, the price of electricity continues to rise. For this reason, consumers are advised to pay attention to the time of day when it is cheaper or more expensive to turn on electrical appliances. They change from day to day, so you’ll have to keep an eye on when electricity prices rise or fall.

The average electricity price for tariff-regulated consumers linked to the wholesale market will rise this Monday, January 22, to 67.92 euros per megawatt-hour (MWh), representing an increase of 5.46% from 64. 40 EUR/MWh this year. Sunday.

By time intervals

The maximum price will be from 20:00 to 21:00, 119.00 EUR/MWh; while the minimum price, 25 euros per megawatt-hour, will occur between 03:00 and 04:00 in the morning, according to preliminary data from the Iberian Energy Market Operator (OMIE).

It is worth remembering that 2024 is full of new developments in the field of electricity tariffs. On January 1, a new formula for calculating the regulated electricity tariff, the so-called “Voluntary Price for Small Consumers” (PVPC), came into force, which covers about 8.5 million consumers, that is, about a third of all domestic consumers.

Unlike the calculation methodology used so far, introduced by the Electrical Sector Law No. 24/2013 and regulated by Royal Decree No. 216/2014, where the final price was fully indexed to the daily wholesale market, the new formula will partially include long-term forward price signals. To this end, since July 1 last year, reference marketers have been pre-purchasing part of the energy that the PVPC tariff will consume in 2024.

To reduce your consumption and lower your energy bills, you can follow these tips:

Appliances

To reduce the consumption of household appliances, it is advisable to:

– Turn off electrical appliances when you are away from home for a long period (vacation). Especially the fridge freezer which consumes up to 30% of the total consumption of the home.

– Don’t leave them on standby as they continue to spend even when they are not consuming.

– Try to use a sundial to dry your clothes.

Hot water

It is always recommended:

– Use hot water wisely. It is advisable to ensure that the tap is never left open more than necessary.

– Overall water temperature between 30°C and 35°C It may be enough.

Lightning

It is advisable:

– Gradually replace incandescent and halogen lamps with LED lamps, as they consume ten times less energy than incandescent lamps and have a service life ten times longer, saving up to 85% of energy.

– Make the most of natural light by turning off lights in naturally lit areas and anywhere there are open spaces or glass walls that encourage passive viewing.