Iran conflict pushes Spain electricity prices up 700% in a week
Around 8 million households in Spain are bearing the brunt and experts warn bills could climb even further
It's been a rough week for Spanish energy costs and an even tougher one for bill payers. The wholesale price of electricity has shot up by around 700% in just seven days, jumping from an average of €15/MWh on March 1 to €119.42/MWh the following Monday, and if you're one of the 8 million households on a regulated tariff, you're likely feeling the pinch.
The main culprit is gas, which has shot up nearly 70% in price since the conflict in the Middle East began. The timing is particularly frustrating, because Spain had actually been enjoying a really positive run on energy costs. A wet winter meant brilliant hydroelectric output, wind power was doing its bit, and by February wholesale electricity prices had dropped almost 80% compared to January and were 85% lower than the same time in 2025.
Sadly, that good run now looks like it's coming to an end. Consumer platform Roams believes gas bills could go up by as much as 18% and electricity by up to 24% in the coming weeks.
To put that in real terms, a typical monthly electricity bill could climb from around €63 to roughly €82, and gas could cost up to €9 more a month if the next quarterly review of regulated prices reflects what's happening on international markets right now.
There's also the fixed part of your electricity bill to consider, which you pay regardless of how much energy you actually use. That's nudged up since January 1 too, partly because of extra grid stability measures brought in by Red Eléctrica following concerns about blackout risks.
Meanwhile, the gas industry has been making the most of the moment, arguing that investment in gas infrastructure is exactly what keeps the lights on during times like these, pointing to how it helped steady things during the Ukraine crisis in 2022.
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