Monthly electricity market report · MIBEL

Iberian electricity market — November 2025

Day-ahead price, demand and generation mix · ESIOS and OMIE data

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Average price

58.6 €

▼ −22.6% vs October 2025

Average demand

27.2 GW

▲ +7% vs October 2025

Renewables

59%

▲ +6 pp YoY · CO₂-free 75%

Negative periods

YoY

Day-ahead market price

The day-ahead market averaged 58.6 €/MWh, −22.6% versus October 2025. In perspective it sits −22.8% against the 11-year November average (76.0 €/MWh): a somewhat cheap month. The year-on-year figure (−43.8% vs November 2024) is distorted by an anomalous base.

Hourly month heatmap

Hour ↑ · Day of month → -0 €/MWh · 156 €/MWh

-0 €/MWh

156 €/MWh

Daily average price comparison

Day of month · €/MWh

Demand

Peninsular demand averaged 27.2 GW, +7% on October 2025 and +4.9% YoY, peaking at 37.9 GW.

Hour · GW

Generation mix

On about 22.0 TWh scheduled (P48), renewables made up 59% and CO₂-free generation 75%.

Generation mix

Eólica

Nuclear

Ciclo combinado

Solar fotovoltaica

Hidráulica

Cogeneración

Wind

32.9% +51%

Nuclear

16.7% +1%

CCGT

15.8% +3%

Solar PV

14.3% +27%

Hydro

9.4% −26%

Cogeneration

5.6% −21%

Pumped-storage

1.8% +72%

Other renewables

1.5% +3%

Fuel / gas

1.0%

Solar thermal

0.6% +3%

Other

0.6% +81%

Coal

0.0% −98%

Historical context

193

116

104

November · €/MWh

Methodology

Price: ESIOS indicator 600 (Spain). Demand: ESIOS indicator 1293 (peninsular). Mix: P48 schedule by technology (REE/ESIOS), best estimate at month close — metered generation is published later; the check against the most recent metered month shows differences below 1%. Peninsular scope, full calendar month.