Spain's wholesale electricity prices soar to a new 2026 high. Credit : Ultraskrip, Shutterstock
Electricity prices in Spain are set to reach their highest level of 2026 on Monday, October 19, with wholesale prices jumping 182 per cent in just 24 hours. The average will climb to €215.11 per megawatt-hour (MWh), more than double Sunday’s level, while prices during the most expensive period will approach €300/MWh.
The sharp increase comes as households across Spain prepare for the colder months, raising fresh concerns about energy costs. However, the 182 per cent rise applies to wholesale electricity prices, not household bills, and its impact on consumers will depend on their electricity tariff.
According to Spain’s Iberian electricity market operator, OMIE, Monday’s wholesale electricity price will average €215.11/MWh, compared with €76.28/MWh on Sunday, October 18. This makes it the most expensive day of the year so far for electricity traded on Spain’s wholesale market.
Spain’s electricity market reaches its highest price of 2026
Monday will mark only the second time this year that Spain’s average daily wholesale electricity price has exceeded €200/MWh.
The previous peak came on October 6, when the average reached €201.99/MWh. Monday’s price will surpass that figure by €13.12/MWh, setting a new annual record less than two weeks later.
According to Spanish news agency EFE, wholesale prices above €200/MWh had not been seen since 2022, when Russia’s invasion of Ukraine triggered a surge in energy costs across Europe.
The latest increase is particularly striking when compared with Sunday’s prices. On October 18, wholesale electricity averaged €76.28/MWh. Just one day later, that figure will climb to €215.11/MWh.
However, the comparison needs some context : Electricity demand is generally lower at weekends, when offices, factories and other businesses consume less power. As activity resumes on Monday, demand typically increases, contributing to higher wholesale prices.
According to EFE, Storm Adam has brought cloud cover and thunderstorms to much of Spain, disrupting solar power generation that would normally help keep wholesale electricity prices down during daylight hours.
The rise in international gas prices has added further pressure, helping to explain why Monday’s wholesale electricity prices are significantly higher than Sunday’s.
The figures also highlight how quickly electricity prices can change depending on weather conditions, energy supply and demand.
Electricity prices on Monday: When will power be most expensive?
Although the average wholesale electricity price on Monday will reach €215.11/MWh, the cost will vary considerably throughout the day.
Official figures published by OMIE show that prices will range from €168.50/MWh at their lowest to €299/MWh at their highest.
According to EFE, the lowest price will be recorded at around 1pm, while the highest will occur at around 9pm, when wholesale electricity will reach €299/MWh. That represents a difference of €130.50/MWh between the cheapest and most expensive periods.
Even Monday’s lowest wholesale price will be more than twice Sunday’s daily average, underlining how unusually expensive electricity trading is expected to be throughout the day.
The evening peak is particularly notable because solar electricity generation falls as daylight disappears, increasing the importance of other sources of power.
However, these figures refer to electricity traded on the wholesale market. They are not the final prices paid by households, which also depend on their tariff and other charges.
Consumers can check the official daily market figures through OMIE’s electricity price data.
Will Monday’s electricity price record affect household bills?
The impact of Monday’s record will depend largely on the type of electricity contract a household has.
Spain’s regulated electricity tariff, known as PVPC, is partly linked to wholesale market prices. However, its calculation also incorporates longer-term market prices, which are designed to reduce exposure to sudden daily fluctuations.
Households with fixed-price electricity contracts will not automatically see their agreed unit price change because of Monday’s wholesale surge. Customers with market-linked tariffs may be more exposed to short-term price movements, depending on their contract.
Importantly, a 182 per cent increase in wholesale electricity prices does not mean household electricity bills will rise by 182 per cent.
The record concerns a single day’s trading, while household bills reflect consumption over a longer period, together with the applicable tariff and other charges.
Euro Weekly News previously explained which households in Spain could face higher electricity bills this winter, including the differences between regulated and fixed-price contracts.
For now, Monday’s figures confirm a new annual high for Spain’s wholesale electricity market. Whether prices remain elevated in the coming days will depend on weather conditions, energy demand and developments in international gas markets.