Spanish electricity demand fell by 0.5% in October, while generation grew by 2.1%, driven by increased exports to Portugal.
The daily price in the wholesale market (POOL) averaged €75.73/MWh in October. This marks an increase of 24.07% over the previous month (€61.04/MWh) and 10.5% compared to the price a year ago (€68.54/MWh). Electricity prices interrupted their downward trend in October, mainly due to scheduled outages for refueling at several nuclear power plants and a decrease in hydraulic and wind generation. This deficit was compensated for by combined cycle gas turbines (CCGTs), whose contribution surged by 80.4% and which could have been even greater were it not for the notable increase in photovoltaic generation (45.4%). Nevertheless, gas-fired generation thus became the main source in the electricity mix (23.5%), something that had not happened since September 2023.
System Costs Remain 58% Higher Than a Year Ago.
The components of the final energy price—or system costs (provisional)—stood at €17.89/MWh in October, which represents an increase of 31.4% compared to the same month last year (€13.59/MWh). In the period between January and October 2025, system costs averaged €16.59/MWh, compared to the €11.53/MWh recorded in 2024.
The components of the final energy price have experienced an extraordinary increase since April 28, the day of the “blackout,” as a consequence of the security policy adopted by Red Eléctrica de España (REE) to reinforce the stability of the system with greater participation from combined cycles. Everything suggests that this operational policy by REE will be maintained in the coming months, and even in the coming years.
