Spanish Electricity Market Hits Record High on Rising Gas Prices

The wholesale electricity market in Spain reached its highest price since 2022 in September, at 143.26 euros per megawatt hour (MWh). This represents a 21.1% increase from August and is 134.7% higher than the same month last year.

The rise in natural gas prices combined with increased demand due to high temperatures led to a greater reliance on combined cycles, which contributed nearly 30% of the demand between 8pm and midnight when wholesale market prices exceeded 220 euro/MWh.

Photovoltaic technology led the generation mix, with a share of 26.3%, followed by combined cycles at 20.8% and nuclear power at 20.4%. Wind energy reduced its share to 14.1%.