to ensure voltage stability and system reliability. This cap remains in place, with dispatchable sources like gas-fired plants now prioritised.
📊 Our latest analysis compares generation and pricing trends before and after the blackout:
➡️ May 2025: Record-low prices despite more gas
▪️Day-ahead power price fell to €16/MWh, the lowest monthly average this year.
▪️Demand held steady at 24 GW.
▪️Hydropower generation averaged 4 GW, providing cost-efficient, dispatchable supply.
▪️Gas-fired output remained moderate at 3.6 GW.
▪️Solar PV, though curtailed, consistently hit the 9 GW cap during the day, lowering net load during peak hours.
➡️ June 2025: Market tightens
▪️Demand rose to 28 GW due to hotter weather and higher cooling loads.
▪️Hydropower declined to 3 GW.
▪️CCGT generation increased to 5.5 GW, raising the share of high marginal-cost generation.
▪️Day-ahead prices jumped to €72.6/MWh.
📈 The shift in fundamentals shows how operational limits, weather, and generation mix continue to shape Spain’s power price outcomes.
