Electricity Prices in Spain Explained

The average electricity price in Spain typically fluctuates daily. Understanding how these prices are calculated is key to reducing your energy bills.

The Spanish electricity market combines a wholesale market (OMIE) where prices change every hour, with regulated and free-market tariffs that offer different ways to pay for your consumption.

Electricity Price in Spain Today

Today Avg (approx)

15.42c/kWh

Cheapest Hour

10.12c/kWh

Peak Hour

22.45c/kWh

Tomorrow Preview

14.80c/kWh

Hourly Price Variation (c/kWh)

Last updated: 3/14/2026, 11:19:47 PMSource: OMIE/REE (day-ahead)

How Electricity Prices Work in Spain

Wholesale Market (OMIE): Prices are set daily based on supply and demand.
Supplier Margins: Energy companies add their profit margin to the wholesale cost.
Taxes & Charges: System charges, tolls, and IVA (VAT) increase the final bill.
Market Type: Regulated tariffs (PVPC) change hourly, while free market tariffs offer fixed or indexed rates.

Spain Electricity Time-of-Use Tariffs (P1 P2 P3)

Most Spanish electricity contracts use a three-period tariff (2.0TD) with distinct pricing periods:

P1 (Peak)

Monday to Friday: 10:00-14:00 and 18:00-22:00

P2 (Standard)

Monday to Friday: 08:00-10:00, 14:00-18:00, and 22:00-00:00

P3 (Valley)

Monday to Friday: 00:00-08:00, plus all weekends and national holidays

Learn more about P1, P2, and P3 tariffs in Spain →

Why Electricity Prices Change

Natural Gas Prices: Gas plants are often used to meet peak demand, and their high cost drives up overall prices.
Renewable Generation: Abundant wind and solar power significantly lower electricity costs.
Demand Spikes: Extreme weather (hot summers or cold winters) increases demand for air conditioning and heating.
EU Energy Market: Connections with France and Portugal influence domestic pricing.

Spain vs UK Electricity Cost

On average, electricity in Spain tends to be cheaper than in the UK, largely due to Spain's significant investments in renewable energy, particularly solar and wind, compared to the UK's higher reliance on natural gas and imported energy.

Read our full Spain vs UK electricity comparison →

How to Pay Less for Electricity

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Choose the right tariff: Compare fixed and variable rates to find what suits your lifestyle.
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Shift your usage: Run high-energy appliances (washing machines, dishwashers) during P3 valley hours.
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Consider solar: If you own a home, installing solar panels or switching to a specialized solar tariff can drastically reduce bills.
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Switch suppliers: Regularly compare offers from different energy companies.

Ready to lower your electricity bill?

Compare Electricity Prices in Spain

💡 Read our guide on saving over 200€/year with your electric water heater.

Frequently Asked Questions

What is the average electricity price in Spain?

The average price of electricity in Spain fluctuates daily and depends on whether you have a regulated (PVPC) or free market tariff. It generally ranges from 0.10€ to 0.25€ per kWh.

Why does electricity price change every day?

Prices in the wholesale market (OMIE) change hourly based on the balance between generation (like wind and solar, which are cheap) and demand. When more expensive gas power is needed, the price rises.

What are P1 P2 P3 tariffs?

They are time-of-use pricing periods in Spain. P1 (Peak) hours are the most expensive, P2 (Standard) hours are medium-priced, and P3 (Valley) hours, which include nights and weekends, are the cheapest.

Is electricity cheaper at night in Spain?

Yes. Nighttime hours (00:00 to 08:00) fall under the P3 (Valley) period, which is the cheapest time to use electricity in Spain.