PVPC or free market? Spanish electricity tariffs compared honestly

As of 11/2026 · Solemo

Spain has two worlds: the regulated PVPC tariff with hourly changing prices and the free market (mercado libre) with freely agreed prices. Which is cheaper depends on your consumption – there is no general answer.

PVPC – the regulated tariff

Hourly variable price; prices are public at REE/ESIOS.
Only from so-called comercializadoras de referencia and only for connections up to 10 kW.
Since 2026 the energy price is 55 % forward market (month 10 %, quarter 36 %, year 54 %) and 45 % day-ahead/intraday market (RD 446/2023).
Plus a fixed retail margin of EUR 3.113004 per kW and year.
The bono social (discount for recognised vulnerable households) is only available with PVPC.

Free market – the agreed price

On the free market the price is freely agreed, often fixed for 12 months. That is predictable, but you pay the agreed price even when the market gets cheaper. Two publicly published examples (excluding taxes, retrieved 31 Oct 2026):

Tariff	Energy EUR/kWh	Power EUR/kW·day (P1 / P2)	Note
Naturgy Tarifa Por Uso Luz	0.148	0.123030 / 0.061562	up to 10 kW, offer valid until 30 Nov 2026
Iberdrola Plan Estable	0.187375 (1st year 0.159269 with 15 % discount)	0.109562 / 0.086274	plus EUR 0.024688/day

With first-year discounts, also look at the normal price afterwards.

What affects the choice

When you use electricity: the regulated parts are very low in off-peak hours (toll + charge P3: EUR 0.003292/kWh vs EUR 0.097553/kWh in P1). With PVPC and with period-priced tariffs this shows directly. With a single price for all hours (as in the examples above) the time of day does not matter.
Predictability: PVPC varies hourly, fixed tariffs are predictable.
Power: above 10 kW, PVPC is not possible.
Bono social: PVPC only.
Solar system: with PVPC, surplus is paid at the hourly market price minus imbalance costs (often 2–6 cents), on the free market at the agreed price. More in Virtual battery explained.

Compare neutrally

The complete comparison is the official electricity comparison of the Spanish regulator (CNMC). Our calculator uses your values to compare PVPC (average of the last 30 days from the public REE interface) with a small sample of published tariffs – including electricity tax, meter rental and VAT. It is an estimate. We show which tariffs are cheapest for you.

This article summarises public sources (as of 11/2026). Rules and prices change – check the linked original sources before deciding.

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