Electricity price today, 11 November: the most expensive hour will be from 10:00 to 11:00 and the cheapest from 03:00 to 04:00

The wholesale electricity market in Spain is regulated by European rules, national legislation, and technical rules from the CNMC. As of November 11, 2026, the reform maintains the short-term marginal pricing system but strengthens long-term contracts and flexibility to reduce exposure to volatile prices. It is important to distinguish between changes already approved and proposals whose timeline is not yet finalized.

Current regulations

• Spanish framework: the Electricity Sector Law 24/2013, of December 26, forms the basis of the sector's organization. It distinguishes generation and commercialization in competition from the regulated activities of transmission and distribution.
• European design: Regulation (EU) 2019/943 and Directive (EU) 2019/944 constitute the internal market framework. The 2024 reform modifies them through Regulation (EU) 2024/1747 and Directive (EU) 2024/1711. They do not eliminate the marginal market: the last offer needed to cover demand determines the clearing price.
• Operational functioning: CNMC Circular 3/2019, of November 20, establishes the methodologies for the wholesale market and system operation. It is complemented by European regulations 2015/1222, on day-ahead and intraday markets; 2016/1719, on cross-border capacity allocation; and 2017/2195, on electricity balancing, which allows adjusting generation and consumption.
• Transparency: Regulation (EU) 1227/2011, known as REMIT, prohibits abusive practices in wholesale markets. Its revision, REMIT II, strengthens monitoring, as explained by the CNMC.

Approved changes and upcoming milestones

The European reform, whose regulation came into force on July 16, 2024, unfolds three main lines:

• Two-way contracts for difference: stabilize producer revenues through a reference price: they receive compensation when the market is below and return surpluses when it exceeds. From July 2027, as a general rule, new contracts with direct public price support for eligible investments must use this mechanism or an equivalent one. It does not require all new plants to receive aid.
• Long-term purchase and sale contracts, or PPAs: States must facilitate instruments that reduce default risk and access barriers. These are voluntary contracts; the reform does not impose a single administered price. The European Commission explains their coexistence with contracts for difference.
• More granular negotiation: CNMC resolutions of February 28, 2025 and March 6, 2025 adapted rules and procedures to fifteen-minute intervals. This is an approved change, not a future reform.

Proposals and exceptional measures

In Spain, the capacity market proposal, presented by MITECO in December 2024, stands out. It foresees auctions that remunerate generation, storage, and demand for being available or reducing consumption. Its implementation must respect European State aid rules; consulted sources do not provide a definitive launch date.

Finally, the Iberian exception of Royal Decree-Law 10/2022 is not the current ordinary regime: its extension through Royal Decree-Law 3/2023 ended on December 31, 2023. The 2026 European debate on new gas caps, covered by Demócrata, does not equate to an approved reactivation. The regulatory orientation remains to maintain the short-term market and expand long-term coverage.

The Ministry for the Ecological Transition and the Demographic Challenge (MITECO) does not set the electricity price alone. It does approve certain regulated components of the bill and develops supply regulation but shares competencies with the Government and the National Commission on Markets and Competition (CNMC). The fundamental distinction is between the energy price, system charges, and network tolls.

1. Approves the electricity system charges

This is its most direct competence over the bill. Charges finance system costs other than transmission and distribution, such as certain renewable supports and extra-peninsular costs.

Article 16 of the Electricity Sector Law 24/2013 establishes that the Ministry will approve charges "by order of the holder of the Ministry for the Ecological Transition, following agreement of the Government Delegated Commission for Economic Affairs." They are generally set annually and can be revised if costs or calculation parameters change significantly.

This is not an unlimited power: it must apply the methodology approved by the Government, following a report from the CNMC, through Royal Decree 148/2021, and respect the financial sustainability of the system. This regulation also allows the Ministry to establish a temporary, total or partial exemption of charges for electricity used in electrolysis intended to produce renewable hydrogen.

2. Develops the regulated tariff but does not choose each price

The PVPC, Voluntary Price for the Small Consumer, results from a regulated formula, not a daily ministerial decision. According to Article 17 of the Electricity Sector Law, it is the Government's responsibility to establish its methodology and that of last-resort tariffs; the Ministry is responsible for issuing the necessary provisions to set those prices, following agreement of the Delegated Commission.

The methodology of Royal Decree 216/2014 combines energy, tolls, charges, and commercialization costs. It incorporates forward market references to reduce volatility. The system operator calculates and publishes the corresponding components: the Ministry does not discretionarily decide the cost for each hour.

Additionally, it can modify by order, with the indicated prior agreement, the power limit that allows access to the PVPC, set at 10 kW in the consulted text.

3. Tolls correspond to the CNMC

Transmission and distribution tolls pay for network use. Their methodology corresponds to the CNMC, through a circular, and their values are approved by the regulator's resolution. This is expressly distinguished in Article 16 of the Electricity Sector Law.

MITECO can adopt energy policy guidelines, but this does not equate to replacing the regulator or unilaterally modifying tolls. The methodological reference is Circular 3/2020.

4. Wholesale market, contracts, and other costs

Energy traded in day-ahead and intraday markets is remunerated according to supply and demand balance; bilateral and forward contracts, according to the agreed price. In the free market, commercialization remuneration is also agreed between parties. Therefore, the Ministry does not generally set the commercial prices of each company.

It does have powers over specific costs: it establishes by order the remuneration of capacity mechanisms, aimed at ensuring available power; determines certain balancing services, excluding balancing and non-frequency services, attributed to the CNMC; and annually sets the remuneration of the market operator and the prices it charges agents.

In short, MITECO regulates and influences the bill but does not control all its components. Nor should a ministerial decision be confused with measures requiring Government approval or a law-level regulation.

To qualify for the Voluntary Price for the Small Consumer (PVPC), the regulated electricity tariff in Spain, the holder must be a natural person or a microenterprise, have a low voltage supply, and contract a maximum power of 10 kW in each time period. Additionally, they must expressly contract this modality with a reference marketer. It is not necessary to have low income or be a vulnerable consumer.

1. Who can contract it

Article 5 of Royal Decree 216/2014, amended by Royal Decree 446/2023, allows access to PVPC for holders of supply points who are:

• Natural persons: an individual can contract it without proving a certain income level.
• Microenterprises: must prove this status to the reference marketer when requesting or renewing the contract, through the responsible declaration provided in Annex III of the regulation. The National Commission on Markets and Competition may request additional documentation to verify it.

Therefore, it is not enough for a company to have low contracted power: it must also meet the microenterprise condition. The contract holder must also be the one who effectively uses the energy; it cannot be used elsewhere, transferred, or sold to third parties.

2. What conditions must the supply meet

• Voltage not exceeding 1 kV: the supply point must be connected at low voltage.
• Power equal to or less than 10 kW in all periods: the limit is checked in each contracted power period, not as an average. For example, having 8 kW in one and 11 kW in another does not meet the requirement.

It is advisable to review the powers appearing on the bill before requesting the change. The regulation recognizes the consumer's right to receive advice from the reference marketer about the most convenient power and contracting conditions.

3. With whom and how must it be contracted

The PVPC is contracted with a reference marketer, that is, a company authorized to offer this regulated modality. It is not enough to contract with any electricity company or for a commercial offer to use similar expressions.

The contract must expressly identify the PVPC modality, the supply point code —CUPS— and the contracted powers. Usually, the marketer also manages network access on behalf of the consumer; the supply is not effective until that access is available.

The PVPC contract cannot include other products or services, energy-related or otherwise. Additionally, it must recognize the consumer's right to terminate it voluntarily without cost. As an exception to the general obligation to attend requests, the regulation contemplates cases of previous contracts terminated due to non-payment or supplies under suspension procedures for non-payment.

4. PVPC and social bonus are not the same

PVPC does not require proving economic vulnerability. The social bonus, however, is an additional protection with its own requirements. Having a PVPC contract is a prerequisite to access its discounts, but contracting the regulated tariff does not automatically grant them.

The relationship between both figures is also covered in the 2023 reform BOE. In practice, to check if you can request PVPC, review three issues: who is listed as the holder, what power you have in each period, and if you will contract with a reference marketer.