Electricity prices in Spain are heading south faster than a snowbird in winter – with Saturday, April 19, seeing a record-breaking drop in wholesale electricity prices, including an eye-popping 11 consecutive hours at zero euros.
Yes, you read that right. From 9 AM to 8 PM, the wholesale electricity price will be zilch, nada, and even negative at times – meaning suppliers are effectively paying to get rid of the excess. According to OMIE (the Iberian Electricity Market Operator), the price will plummet to as low as -€4 per megawatt-hour (MWh) in the mid-afternoon, making it quite literally the perfect time to fire up the washing machine or dishwasher.
What’s powering the price crash?
This isn’t just a random glitch in the grid. Spain’s renewables are riding high, thanks to a stormy cocktail of rain and wind, which has flooded the market with clean, cheap energy. Wind turbines are whirring and hydro plants are gushing, bringing down costs across the board.
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The result? A whopping 86% drop in the average market price compared to Friday, falling from €12.35 to just €1.72 per MWh. Compared to last Saturday, that’s a staggering 93.6% reduction, and 94% cheaper than the same date a month ago.
And if that’s not enough to raise eyebrows, the same day last year, the price stood at €19.18. That means this Saturday’s price is down over 91% year-on-year.
When to plug in: Cheapest times on record
Here’s the official hour-by-hour breakdown for Saturday, April 19:
9 AM – 8 PM: Zero or negative pricing throughout.
2 PM – 5 PM: Deepest dive at -€4/MWh
Peak price: 8 PM – 9 PM, when rates briefly rise to €8/MWh
That means anyone on a regulated tariff could shave serious euros off their bill by timing their energy use to this ultra-low window – although it’s worth noting the final bill includes other fixed charges like system costs, peajes (tolls), and government levies.
The fine print: why ‘free’ isn’t quite free
Now, before you start dreaming of free electricity – here’s the catch: even if the market price drops to zero or below, your bill won’t. That’s because Spain’s regulated energy tariff now blends in prices from longer-term contracts to keep things stable, so you’ll still see a charge – just a smaller one. Still, if you’re savvy with your usage, the savings add up – especially on days like today.
Power plays and big payouts
Meanwhile, Spain’s taxes on energy companies and banks continue to line government coffers, bringing in €2.86 billion so far this year – roughly on par with 2023.
So while Big Energy pays up, and the wind whips up cheap kilowatts, consumers might just get the last laugh – at least for one sparkling spring Saturday.
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