On Tuesday, Spain's wholesale electricity price will reach 201.99 euros per megawatt hour in the OMIE daily auction. That's 2.6% higher than Monday's 196.88 euros/MWh and the highest daily average since 5 December 2022, when the price reached 209.3 euros/MWh. Europa Press reported the figures from the Operador del Mercado Ibérico de Energía, or OMIE.
The evening peak will be the most expensive period, with electricity reaching 281.31 euros/MWh between 21.00 and 22.00. The day's lowest price will be 147.09 euros/MWh between 16.00 and 17.00.
The gap is wide. Prices rise when demand requires more expensive generation outside the hours of strongest solar output. After sunset, renewable power can no longer prevent costly hours to the same extent. Redeia figures put Spain’s gross electricity demand at 22,014 GWh in September, up 5.7% from a year earlier.
Industry sources cited by Europa Press identify stronger demand and higher gas costs as the basic drivers. On Monday, Spain's Mibgas reference price rose to 75.25 euros/MWh. Gas-fired combined-cycle plants can set the marginal price when renewable output cannot meet expected demand.
The wholesale market does not assign every technology the same fixed price. Producers submit offers, while buyers place orders in a daily auction. An algorithm ranks offers from cheapest to most expensive. The highest offer needed to meet demand sets the final price.
That system explains sharp price changes within a single day. Renewable power usually enters the auction at a lower cost. Natural gas and other fossil-fuel generation cost more, and can set the final market price when the system needs them. In September, renewable sources generated 12,215 GWh and accounted for 50.9% of Spain’s monthly electricity mix.
Demand has also risen over the year. Gross electricity demand reached 198,105 GWh from January to September, up 3.2% from the same period a year earlier. September alone recorded 22,014 GWh. The daily jump is not an isolated price move, although weather and available generation can still quickly change the auction.
That distinction matters. The 201.99 euros/MWh figure is not a household's full electricity bill. Peajes charges and system adjustments are added to the wholesale price. Consumers on the regulated PVPC tariff are exposed to the market, but their bills do not move in a simple one-to-one way.
Spain's CNMC or Ministry for the Ecological Transition has issued no new official estimate of the precise effect this single-day increase will have on household bills.
Since 2024, PVPC has used a formula combining short-term prices with references from medium- and long-term markets. The formula is designed to curb sharp swings while retaining a link to immediate prices. That link encourages more efficient electricity use. From 2026, the futures-market reference will account for 55% of the calculation.
The rise mainly affects the roughly eight million households covered by the regulated PVPC. They are directly exposed to the market, while customers on the free market pay information from the terms agreed with their supplier.
September was already costly for Spain's electricity market. Its average price reached 143.26 euros/MWh, the highest monthly level since 2022. That was 21.1% above August and 134.7% higher than September 2025.
The hourly maximum cited here comes from the OMIE hourly table. One independent report put the evening figure lower, at 271.62 euros/MWh. The difference warrants caution until it's clear whether it reflects a data update, rounding, or a different zone or publication version.
The market has returned to levels last seen in late 2022. PVPC softens part of the shock through its futures component, while free-market customers depend on their individual contracts.
For PVPC households, evening use will be the most expensive part of Tuesday's market. Gas can set the price once solar output falls, while stronger demand can push the auction higher.
