Spain just became one of Europe's cheapest power markets. Here is how

Jan Rosenow May 10, 20263457Share In the first four months of 2026, the average wholesale electricity price in Spain was €44 per megawatt-hour. In Italy, it was €127. In Germany, €96. In the UK, €103. Spain is now cheaper than France, well below the central-European bloc, and within striking distance of the Nordic hydro-and-nuclear heavyweights that have always topped the cheap-power league.

This is not where most observers expected Spain to be. A decade ago, Spain was a cautionary tale of stranded solar investment and one of Europe’s more expensive power markets. Today it sits near the bottom of the price table, and the gap is widening.

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