Spain's wholesale electricity price spikes to 112 €/MWh amid heat wave

On Tuesday 23 June 2026 the Spanish wholesale electricity market (the “pool”) rose to 112.42 €/MWh, a 12.5 % increase from the previous day and the highest level since March. Peak prices reached roughly 175 €/MWh between 21:00 and 22:00, while the cheapest hour was around 72 €/MWh between 13:00 and 14:00. The surge is attributed to higher cooling demand during a heat wave and a drop in solar generation. The price surge affects the regulated PVPC tariff, which about eight million households rely on, amplifying their electricity bills. Over the first 23 days of June the average pool price was 63.5 €/MWh, slightly above the same period last year. Experts note that, despite geopolitical factors, summer and winter pool levels are expected to stay near 100 €/MWh, making the current spike a notable short‑term deviation.