Spanish wholesale power price tops 200 euros per megawatt hour for first time since 2022

Wholesale price surge

Spain's average wholesale electricity price reaches 201.99 euros per megawatt hour (MWh) on Tuesday, 6 October 2026, according to data from the Iberian Energy Market Operator (OMIE). The figure represents an increase of 2.6% (or 5.11 euros) compared to Monday's average of 196.88 euros per MWh. Tuesday marks the first time that the daily Spanish wholesale pool price has crossed the 200 euros per MWh threshold since late 2022. The previous higher daily average occurred on 5 December 2022, when the wholesale market settled at 209.30 euros per MWh. The latest price rise follows consecutive days of upward momentum across the Iberian market.

Hourly price fluctuations

The daily pool exhibits sharp intraday variations throughout Tuesday, creating a spread of over 120 euros per MWh between the cheapest and most expensive hours. The lowest price of the day registers between 14:00 and 15:00 at 151.58 euros per MWh, followed closely by 155.62 euros per MWh from 15:00 to 16:00 and 166.78 euros per MWh from 16:00 to 17:00. In contrast, the daily peak reaches 271.62 euros per MWh between 20:00 and 21:00, before settling at 251.45 euros per MWh between 21:00 and 22:00. Early morning demand also generates a secondary price peak of 240.41 euros per MWh between 08:00 and 09:00, following an overnight low of 189.60 euros per MWh between 04:00 and 05:00.

Natural gas and marginal pricing

Industry sources cited by Europa Press attribute the price increase primarily to higher power demand and rising natural gas costs. Natural gas prices on the Spanish reference hub Mibgas rose to 75.25 euros per MWh on Monday. The Iberian wholesale electricity market functions through a marginal auction run by OMIE, where an algorithm matches supply offers from power producers with purchase bids from retailers. Offers are cleared from lowest to highest cost, and the most expensive generation unit required to meet demand determines the clearing price for all matched volume. When solar output decreases in the late afternoon and evening, fossil-fuel generation from combined-cycle gas turbines sets the clearing price at elevated levels.

Consumer bills and tariff structure

Wholesale pool prices do not represent the total amount billed to retail electricity consumers. Regulated household tariffs (PVPC) incorporate an updated calculation formula introduced in 2024, which blends short-term pool prices with medium- and long-term energy price baskets to mitigate short-term volatility while maintaining price signals for energy efficiency. Final end-user electricity bills also include fixed transmission tolls, distribution charges, system adjustments, and applicable taxes. Energy advisers recommend shifting flexible domestic power consumption, including the operation of washing machines and dishwashers, toward the afternoon period between 14:00 and 17:00 to minimize exposure to peak evening rates.