Spain's wholesale electricity price surges past €200/MWh for first time since 2022
Spain's power pool averages €201.99/MWh on Tuesday, up 2.6% from Monday. High gas prices and rising demand drive the cost increase.
English · Original discussion in Spanish · Published
The average daily price in Spain's wholesale electricity market reached €201.99/MWh, a 2.6% increase from Monday's €196.88/MWh. This is the first time it has exceeded €200/MWh since December 5, 2022, when it hit €209.3/MWh.
Electricity prices have returned to levels above €200 per megawatt-hour in Spain's wholesale market. The so-called pool recorded an average daily price of **€201.99/MWh** this Tuesday, representing a **2.6%** rise compared to Monday's €196.88/MWh, according to data from the Iberian Electricity Market Operator (OMIE). To find a higher figure, one must go back to **December 5, 2022**, when the average daily price was €209.3/MWh.
## What drives the surge
Rising gas costs explain much of this movement. Mibgas, Spain's reference gas market, climbed to **€75.25/MWh** on Monday. Gas sets electricity prices through combined-cycle plants, which activate when solar production is insufficient. This is compounded by higher expected demand for the day.
The pool operates via an auction where an algorithm matches producers' offers with purchase orders. Offers are ranked from cheapest to most expensive, and the final price is set by the last offer entering the system. This explains the volatility: prices depend on whether fossil-fuel sources (more expensive) or renewables (cheaper) are used at any given moment.
On Tuesday, peaks of **€281.31/MWh** will occur between 9 PM and 10 PM, while lows will be **€147.09/MWh** between 4 PM and 5 PM. This is the typical pattern: at night, without sunlight, gas-fired combined cycles determine the price.
## Who feels the bill impact
To the wholesale market price, fixed costs paid by consumers for tolls, charges, and system adjustments must be added. However, the pool does not exactly represent the final amount for consumers on the regulated tariff. Since 2024, a new calculation method for the PVPC (regulated electricity tariff) incorporates medium- and long-term price baskets to avoid sharp fluctuations, while retaining short-term references that encourage savings.
The link to the pool price has decreased in recent years to incorporate futures market references. Starting in 2026, these futures references already account for **55%**. Increases in wholesale prices primarily affect households on the PVPC—approximately **eight million**—because the effect is direct. For free-market consumers, costs depend on their agreements with their suppliers.
## A September warning
The wholesale market's daily price averaged **€143.26/MWh** last September, the highest since 2022. This was **21.1%** higher than August and **134.7%** above September 2025. The trend had been pointing upward before this Tuesday.
Pool volatility is structural: it depends on weather, demand, and international gas prices. With combined cycles setting prices during sunless hours, any tension in the gas market quickly translates to electricity bills. Households on regulated tariffs are the first to feel it, though the new PVPC calculation mitigates part of the blow. Those unsure about their contract or best tariff should consult an energy advisor or their supplier before making decisions.
Electricity prices have returned to levels above €200 per megawatt-hour in Spain's wholesale market. The so-called pool recorded an average daily price of **€201.99/MWh** this Tuesday, representing a **2.6%** rise compared to Monday's €196.88/MWh, according to data from the Iberian Electricity Market Operator (OMIE). To find a higher figure, one must go back to **December 5, 2022**, when the average daily price was €209.3/MWh.
## What drives the surge
Rising gas costs explain much of this movement. Mibgas, Spain's reference gas market, climbed to **€75.25/MWh** on Monday. Gas sets electricity prices through combined-cycle plants, which activate when solar production is insufficient. This is compounded by higher expected demand for the day.
The pool operates via an auction where an algorithm matches producers' offers with purchase orders. Offers are ranked from cheapest to most expensive, and the final price is set by the last offer entering the system. This explains the volatility: prices depend on whether fossil-fuel sources (more expensive) or renewables (cheaper) are used at any given moment.
On Tuesday, peaks of **€281.31/MWh** will occur between 9 PM and 10 PM, while lows will be **€147.09/MWh** between 4 PM and 5 PM. This is the typical pattern: at night, without sunlight, gas-fired combined cycles determine the price.
## Who feels the bill impact
To the wholesale market price, fixed costs paid by consumers for tolls, charges, and system adjustments must be added. However, the pool does not exactly represent the final amount for consumers on the regulated tariff. Since 2024, a new calculation method for the PVPC (regulated electricity tariff) incorporates medium- and long-term price baskets to avoid sharp fluctuations, while retaining short-term references that encourage savings.
The link to the pool price has decreased in recent years to incorporate futures market references. Starting in 2026, these futures references already account for **55%**. Increases in wholesale prices primarily affect households on the PVPC—approximately **eight million**—because the effect is direct. For free-market consumers, costs depend on their agreements with their suppliers.
## A September warning
The wholesale market's daily price averaged **€143.26/MWh** last September, the highest since 2022. This was **21.1%** higher than August and **134.7%** above September 2025. The trend had been pointing upward before this Tuesday.
Pool volatility is structural: it depends on weather, demand, and international gas prices. With combined cycles setting prices during sunless hours, any tension in the gas market quickly translates to electricity bills. Households on regulated tariffs are the first to feel it, though the new PVPC calculation mitigates part of the blow. Those unsure about their contract or best tariff should consult an energy advisor or their supplier before making decisions.
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Summary of a discussion on Burbuja.info - Foro de economía, actualidad y política., translated from Spanish and reviewed before publication. Read the full discussion (25 replies).
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