Spain Power Auction: Price Surges 182% to €215.12/MWh, Highest Since April 2022

The scale of the Spanish jump — more than doubling in a single session — points to a supply-side shock rather than gradual demand growth, and the fact that France is simultaneously printing its highest price since late 2022 suggests a regional, not national, driver. That matters for European power-intensive industries and for the cost base of anything electricity-heavy, including data centres and industrial crypto mining. The open question is whether this is a one-day auction spike or the start of a sustained Iberian-French premium.