London, 16 June 2026 – New Ember analysis finds that Spanish households have saved €10 per month for electricity since the start of the current energy crisis in March thanks to renewables installed since 2021.
These avoided costs are due to renewables growth reducing the influence of gas on power prices. Gas is typically the most expensive source of electricity, and raises electricity prices in any hour it is used for power.
In Spain, the influence of gas on power pricing has fallen to only 9% of hours since the beginning of 2026, down from 52% of hours in 2021. This is thanks mainly to the growth of wind and solar generation, which grew by 37% from 2021 to 2025.
“Wind and solar growth are acting as a shield against the price impacts of global instability,” says Chris Rosslowe, author of the report. “While gas prices spike, renewables are keeping power bills down for Spanish households and businesses.”
Other countries still reliant on gas power are more exposed to price impacts as the EU’s wholesale gas prices are elevated 60% compared to before the start of the US-Israel war with Iran.
In more gas-dependent Italy, power prices averaged €143/MWh in March, three times higher than in Spain (€42/MWh). Since the beginning of March 2026, Spanish wholesale power prices have been consistently among Europe’s lowest.