Spain
November 4, 2025

Spain’s high energy costs are putting pressure on renewables and opening up room for new auctions and PPA contracts

According to the AEGE Energy Barometer, electricity prices for large industries in Spain are 169% higher than in France and 36% higher than in Germany. This price difference underscores the urgent need to accelerate the integration of renewable energy and implement long-term contracting mechanisms to maintain competitiveness and reduce dependence on gas and ancillary services.
By Strategic Energy

By Strategic Energy

November 4, 2025

Monitoring the evolution of the cost of electricity and other fuels is one of the issues of greatest interest to the public, being particularly critical for the energy-intensive industry, for which electricity is one of the fundamental raw materials in its production process.

In order to contribute in a simple and objective way to the dissemination of the evolution of energy costs in industry, the  AEGE barometer shows the prices of the national spot and forward electricity market and of the main European electricity markets, as well as the price evolution of other relevant segments in the final electricity bill paid by industrial consumers, such as adjustment services and capacity payments.

Finally, the prices of the main fuels or commodities of the energy sector are shown, such as the price of Brent crude, API#2 coal, the European reference natural gas market (TTF) or CO2 emission allowances , all of which influence to a greater or lesser extent the final price of the electricity market.

The information presented in the barometer is updated weekly.

Comparison of final electricity prices in the energy-intensive industry in 2025. Photo
taken on 03/11/25

Evolution of the average daily market price
Period 2015-2025

Monthly evolution of the daily market
Period 2023-2025

Electricity Futures Market Quote
Photo as of 03/11/25
Source: EEX, OMIP, Prepared by AEGE.
Evolution of the Electricity Futures Market
Period 2023 – 2025

Source: EEX, OMIP, Prepared by AEGE.
Costs added to the market price
Period 2012 – 2025

Source: REE, BOE, Prepared by AEGE.

Adjustment services:   Services provided by the system operator to ensure a balance between electricity production and consumption at all times.
Capacity payments:   Incentives for investment and the availability of generating equipment to guarantee medium- and long-term supply.
Interruptibility:  A last-resort service provided by the system operator to guarantee security of supply in emergency situations.  Gas adjustment in Adjustment and Balancing Services:  Gas adjustment under Royal Decree-Law 10/2022 in the Adjustment and Balancing Services managed by the System Operator.

Capacity payments
Tariff periods 6.X from 1 January 2025

Source: BOE, Prepared by AEGE.

Evolution of costs added to the market price
Period 2020-2025

Source: REE, BOE, Prepared by AEGE.

Key
data updated as of 03/11/25
Source: TheIce

 

 

Evolution of coal price (ARA API 2)

Evolution of the price of natural gas (TTF NETHERLANDS)

Brent crude oil price evolution (UK)

Evolution of the price per ton of CO2

Evolution of the €/$ exchange rate

MIBGAS – TTF Natural Gas Evolution

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