Renewable energy revolution in Spain - Electricity bills are lower despite the crisis
Electricity bills in Spain have fallen, while many other countries have seen a rise since the energy crisis caused by the outbreak of war with Iran. A new analysis shows that households have saved €10 a month on their electricity bills each since the Strait of Hormuz was closed in March. Thanks to the country’s commitment to a clean energy transition, renewable energy sources have reduced the impact of fossil fuels on the price of electricity by 75 percent since 2019.
Gas is typically the most expensive source of electricity and increases electricity prices every hour it is used for energy. In Spain, gas’s impact on energy prices has fallen to just 9 percent of hours since the start of 2026, down from 52 percent of hours in 2021, according to analysis by independent energy think tank Ember. This is largely thanks to the boom in wind and solar power, which grew by 37 percent from 2021 to 2025.
Since 2019, Spain has doubled its wind and solar power capacity, adding over 40 GW – more than any other EU country except Germany, whose energy market is twice the size of Spain’s. Spain will use no coal-fired electricity at all by August 2025. A stark contrast to just 10 years ago, when coal accounted for a quarter of Spain’s electricity.
Most Europeans are missing out on the savings they are rightfully entitled to. In gas-dependent Italy, electricity prices averaged 143 euros/MWh in March this year, three times higher than in Spain (42 euros/MWh). Since the beginning of March 2026, Spanish wholesale electricity prices have consistently been among the lowest in Europe.
Overall, the EU has increased fossil fuel imports since the start of the Iran war, burdening the bloc with a €60 billion energy bill from the war.
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