Monthly electricity market report · MIBEL

Iberian electricity market — January 2026

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

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Average price

71.7 €

▼ −8% vs December 2025

Average demand

30.7 GW

▲ +6.1% vs December 2025

Renewables

58%

▲ +1 pp YoY · CO₂-free 79%

Negative periods

YoY

Day-ahead market price

The day-ahead market averaged 71.7 €/MWh, −8% versus December 2025. In perspective it sits +1.4% against the 12-year January average (70.7 €/MWh): a broadly normal month. The year-on-year figure (−25.9% vs January 2025) is distorted by an anomalous base.

Hourly month heatmap

Hour ↑ · Day of month → -0 €/MWh · 183 €/MWh

-0 €/MWh

183 €/MWh

Daily average price comparison

Day of month · €/MWh

Demand

Peninsular demand averaged 30.7 GW, +6.1% on December 2025 and +6% YoY, peaking at 41.5 GW.

Hour · GW

Generation mix

On about 25.0 TWh scheduled (P48), renewables made up 58% and CO₂-free generation 79%.

Generation mix

Eólica

Nuclear

Ciclo combinado

Hidráulica

Solar fotovoltaica

Cogeneración

Wind

33.9% +13%

Nuclear

20.9% +0%

CCGT

13.6% +25%

Hydro

13.2% +2%

Solar PV

9.5% −1%

Cogeneration

5.0% −14%

Other renewables

1.3% −5%

Pumped-storage

1.2% −1%

Fuel / gas

0.7%

Other

0.5% +40%

Solar thermal

0.2% −54%

Coal

0.1% −93%

Historical context

202

January · €/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.