Save on the price of electricity today, Wednesday, May 1, 2024: the cheapest hours to put the washing machine on

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The price of electricity goes down. Today, Wednesday, May 1, 2024, the cost of electricity in the wholesale market (‘pool’) decreases. To this we must add that the Electricity Tax (IEE) and the Electricity Production Tax (IVPEE) increase, hence the consumer receiving a regulated tariff has to know the retail price of electricity in each of them. the time sections of the day, so that you can start the appliances in the home at the cheapest hours. With this, you will be able to reduce electricity consumption with the washing machine, oven or dishwasher, and you will save on your electricity bill at the end of the month.

The price of electricity, from the wholesale market to the consumer

The price of electricity today drops to 12.53 euros per megawatt hour (MWh), according to the Iberian Energy Market Operator (OMIE), which represents a decrease of 76.54% compared to the previous day. (53.44 euros / MWh.).

The cost of electricity in the wholesale market is transferred daily to the consumer’s bill. In it, the costs of adjustment services, marketing, financing, tolls and charges such as interruptibility or auction deficits, among others, are also applied. Thus, according to data from Red Eléctrica, the average price of electricity today is 0.0616 euros / kWh, compared to 0.1232 euros per kilowatt hour the previous day.

The cheapest hours in the electricity rate

The consumer will enjoy a cheaper electricity bill at the end of the month if they take advantage of the cheapest hours of the day. For this reason, today, Wednesday, May 1, the most pocket-friendly electricity rate will be in the early morning and early afternoon.

The price of electricity today, May 1

Specifically, the hour with the cheapest electricity price will take place between 1:00 p.m. and 2:00 p.m., with a cost of 0.03824 euros/kWh. It will be the most recommended time of day for consumers to connect their appliances so they can save on their electricity bill at the end of the month. If you cannot benefit from the cheapest time of day, these are other good times to lower your electricity bill during normal hours:

Cheap hours in the price of electricity today, May 1

  • 12:00 – 13:00: 0.03991 euros / kWh.

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  • 14:00 – 15:00: 0.03846 euros / kWh.

  • 15:00 – 16:00: 0.03968 euros / kWh.

The most expensive hours in the electricity rate

On the other hand, the hours in which it is least advisable to run the washing machine, oven or dryer will be in the evening. Although, yes, from 01:00 to 02:00 hours, when the price per kWh. will rise to 0.08937 euros. However, today, May 1, there are also other peak hours during which consumers should avoid turning on their appliances if they want to lower their electricity bill:

Expensive hours in the price of electricity today, May 1

  • 00:00 – 01:00: 0.08643 euros / kWh.

  • 21:00 – 22:00: 0.07882 euros / kWh.

  • 22:00 – 23:00: 0.07855 euros / kWh.

The price of electricity, per hour

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