Have hot water dripping from overflow pipe & water is very hot(burning hot & have to cool down by opening cold water tap)

I believe recommended temp in the US is 120 degrees.

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have to cool down by opening cold water tap)

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this is not only unnecessary, but it is costing you money. Harold is correct. Water heaters come from the factory set at 120°F. I turned my heater back to 110 and I don't have to temperate with cold water. The temperature is set too high. Reset the temperature back to 110/120. Good luck, Tom