The average cost of electricity in the wholesale market, known as the "pool," will become more expensive this Friday to above 244 euros per megawatt hour (MWh), reaching its highest level since the beginning of April 2022.
In detail, the "pool" will rise 5.9% compared with the 231.01 euros/MWh marked this Thursday, to stand at 244.69 euros/MWh, according to data released by the Iberian Energy Market Operator (OMIE) and collected by Europa Press.
To find a higher daily average price in the wholesale market, one must go back to April 6, 2022, when 254.99 euros/MWh were reached.
During this Friday's session, peaks of 324.72 euros/MWh will be recorded between 19.00 and 20.00 hours, while the cheapest period will be 171.39 euros/MWh between 14.00 and 15.00 hours.
This strong rebound in the electricity bill is linked to the rise in gas prices, which sets the price through combined-cycle plants during the hours without solar production. Specifically, Mibgas, the benchmark market in Spain, climbed this Thursday to almost 100 euros/MWh.
The wholesale price of electricity, the "pool," is set through an auction in which an algorithm matches the selling offers of the generators with the purchase orders, arranging them from lowest to highest price, and the final amount is set by the most expensive proposal that enters the market.
This mechanism causes the price to vary notably depending on the forecast demand and the combination of technologies available in each time slot, whether resorting to sources that use fossil fuels -such as natural gas-, more costly, or to renewables, cheaper.
In addition to the wholesale market price, the consumer must face a series of fixed costs in the electricity bill, corresponding to tolls, regulated charges and electricity system adjustments.
Loss of weight of the "pool" in the regulated PVPC tariff
On the other hand, the "pool" does not exactly reflect the final amount paid by a user with a regulated tariff, since since 2024 a new system for calculating the PVPC has been applied that includes a basket of medium- and long-term prices to cushion the large oscillations, while maintaining short-term price signals that encourage saving and the efficient use of energy.
Thus, the degree of direct linkage with the price of the "pool" has been progressively reduced in recent years to make way for references from the futures markets, so that, as of this 2026, that reference from the futures markets already represents 55%.
These spikes in the wholesale market mainly affect households covered by the PVPC, around eight million, since the impact is immediate, while in the free market the cost depends on the conditions signed with each supplier.