Electricity prices in Spain 2023
In 2023, the average wholesale day-ahead electricity price in Spain was € 0.0886 /kWh (▼47% vs 2022). Below is the month-by-month breakdown plus a chart of how prices moved through the year.
Monthly breakdown — 2023
| Month | €/MWh | €/kWh | MW |
|---|---|---|---|
| January 2023 | € 70.86 | € 0.0709 | 28,003 |
| February 2023 | € 134.55 | € 0.1345 | 28,831 |
| March 2023 | € 91.21 | € 0.0912 | 26,249 |
| April 2023 | € 76.26 | € 0.0763 | 23,039 |
| May 2023 | € 76.24 | € 0.0762 | 23,452 |
| June 2023 | € 93.50 | € 0.0935 | 25,816 |
| July 2023 | € 91.39 | € 0.0914 | 28,552 |
| August 2023 | € 96.83 | € 0.0968 | 27,198 |
| September 2023 | € 104.13 | € 0.1041 | 25,457 |
| October 2023 | € 91.21 | € 0.0912 | 24,727 |
| November 2023 | € 64.25 | € 0.0642 | 25,996 |
| December 2023 | € 72.62 | € 0.0726 | 26,796 |
Spain runs Europe's third-largest electricity grid behind Germany and France, with renewables providing 56% of generation in 2024 — wind 24%, solar 21%, hydro 11%. Red Eléctrica de España (REE) operates the single ES bidding zone, which is electrically a peninsula: only ~6 GW of interconnection to France crosses the Pyrenees, leaving Spain often price-decoupled from Continental Europe. The Iberian Exception, agreed with the EU in 2022, capped gas-fired generation costs and ended in 2023; spot prices on OMIE now reflect normal EU-wide dynamics.
The country's seven nuclear reactors deliver ~20% of supply but are scheduled for phased shutdown between 2027 and 2035. Spain plans to triple solar capacity by 2030, reaching 76 GW, and add 23 GW of new wind.
The 2025 grid blackout — caused by a southern oscillation — accelerated investment in synchronous condensers and battery storage to stabilize the high-renewables system.