October was the Spanish market's most expensive month since 2022: €166.66/MWh, but €82.88/MWh in the sunny hours

Spain's wholesale electricity market closed October at an average price of €166.66/MWh, 16.34% above September and 119.9% above October 2025, according to Grupo ASE's monthly report quoted by Energías Renovables. It is the highest monthly level since September 2022.

The figures. Between 10:00 and 18:00, when solar output was up 17.2% year on year, the average price was €82.88/MWh. Outside those hours the average climbed to €208.31/MWh. Between 19:00 and 24:00, gas-fired combined-cycle plants covered 27.4% of generation and the average price reached €231.65/MWh. Over the whole month, combined cycles supplied 21.3% of generation. Wind output fell 13% and hydro 7.3%, while real demand rose 7.1% on October 2025.

The peaks. In the last week of the month daily prices exceeded €200/MWh, with hourly peaks of €319.45/MWh, according to Grupo ASE. On Friday 30 October the daily average reached €244.69/MWh, the year's high, according to OMIE data compiled by the EFE agency; AleaSoft notes it is the highest level since 7 April 2022. System costs, still provisional, added €22.41/MWh, taking the market reference price to €189.07/MWh.

Context. Grupo ASE links the rise to geopolitical tension in the Middle East, restrictions on liquefied natural gas shipments through the Strait of Hormuz and the approach of winter. The TTF gas contract closed on 30 October at €103.94/MWh, the highest since 21 December 2022, and EU storage was 74.6% full on 31 October, according to AleaSoft. Over the month, Spain's average was close to those of France (€165.83/MWh) and Germany (€169.27/MWh).

What comes next. OMIP futures pointed on 30 October to €197/MWh for November and €170/MWh for the first quarter of 2027, according to EFE. Grupo ASE analysts conclude that the gap between solar and evening hours shows the need for more flexibility, through storage, active demand management and interconnections, to reduce exposure to gas at peak hours.

Real-time data for the country are on the country page