Spain's electricity prices surge as European heatwave pushes rates to record highs

The wholesale price of electricity in Spain remained elevated through late June 2026. On Thursday, 25 June, the average price fell to €146.42 /MWh, with the cheapest hour (15:00‑16:00) at €40.56 /MWh and the peak hour (21:00‑22:00) reaching €278.71 /MWh. Earlier in the week, the average price on 23 June was €112.42 /MWh, while the regulated PVPC tariff stood at €164.03 /MWh; the lowest PVPC hour that day was €109.03 /MWh, and the highest €299.17 /MWh. On 24 June the average fell further to €95.57 /MWh.

Across Europe, a heatwave drove demand higher and curtailed wind output, pushing most markets above €80 /MWh. Solar generation rose sharply in France, Portugal, Spain and Italy, while wind production fell by up to 62 % in Portugal. The surge was amplified by rising international gas prices and higher CO₂ emission allowance costs.

In the Netherlands, consumers with dynamic electricity contracts faced record‑high prices, exceeding €1 /kWh during peak periods, partly because air‑conditioning and other high‑consumption appliances strain the grid. Neighboring Belgium, reliant on nuclear generation that is under maintenance, also saw price spikes that feed back into the wider European market.