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3mo ago

Spain’s Wholesale Electricity Price Falls Further to €62.42/MWh, Logs Hours of Zero or Negative Rates

Renewable oversupply is driving rates into zero or negative territory under a PVPC tariff that now relies more heavily on futures contracts.

Precio de la luz hoy, 12 de junio de 2025
Precio de la luz hoy, 11 de junio de 2025
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Overview

  • On June 11, 2025, Spain’s wholesale electricity price averaged €73.63/MWh, marking a 26.5% drop from the previous day.
  • The average price fell further to €62.42/MWh on June 12, with seven consecutive hours between 10:00 and 17:00 at or below zero.
  • Hourly rates on June 11 reached a low of €48.78/MWh between 15:00 and 16:00, while the highest evening rate on June 12 spiked to €140.64/MWh from 22:00 to 23:00.
  • The PVPC tariff, revised in 2023, now blends a basket of medium and long-term futures with spot market prices and will increase futures weighting from 40% in 2025 to 55% by 2026.
  • Wholesale rates have stayed under €100/MWh for over two months, with May averaging around €15/MWh and the 2024 annual average closing at €63.04/MWh, a 28% decline year-on-year.