Iberian electricity prices rise amid high demand and gas costs

Wholesale electricity prices in the Iberian market have seen a significant upward trend during September 2026. Data from the Iberian Energy Market Operator (OMIE) shows prices rising for a fourth consecutive day, reaching an average of 158.88 euros per megawatt-hour (MWh) on Wednesday, September 23.

Through the first half of the month, average prices remained above 140 euros/MWh, a sharp increase compared to the 59.65 euros/MWh recorded during the same period last year. Analysts attribute this surge to a combination of high temperatures driving demand for cooling, a lack of wind power, and rising gas prices influenced by Middle East conflicts.

While solar generation has helped mitigate costs during daylight hours, the price volatility remains high. For instance, peak prices reached 263.89 euros/MWh during the evening hours, while the cheapest period was recorded between 13:00 and 14:00.