Spain has a growing opportunity to store electricity during off-peak hours and sell it when its value increases, but the gap between these two times is still less attractive than in much of Europe.
The ENTSO-E Market Report 2026 places the theoretical gross value of Spanish arbitrage at 552 euros per MW per day , based on the prices recorded in the day-ahead market between June 1, 2025 and June 1, 2026.
The result places the country in eighteenth position among the 24 European markets analyzed . It is far behind Hungary, which tops the ranking with 800 euros per MW per day, but maintains an advantage over Portugal, France, Finland, Italy, Sweden, and Norway.
The data reflects how much a storage system could theoretically capture by taking advantage of the eight hours with the lowest prices for uploading and the eight hours with the highest prices for downloading each day.
Therefore, it does not represent the net profitability of a battery or the revenue that a real project would necessarily generate. The calculation does not incorporate efficiency losses, degradation, operating costs, tolls, technical constraints, or participation in other electricity markets.
Eastern Europe has the largest differentials
The comparison shows a clearly divided Europe. The top four spots are occupied by Hungary, with 800 euros per MW per day; Greece, with 798; Bulgaria, with 797; and Romania, with 792 .
Lithuania also shows high values, with 745 euros; Latvia, with 744; Estonia, with 721; Croatia, with 692; Poland, with 681; Slovakia, with 678; and Slovenia, with 668.
ENTSO-E links these opportunities to day-ahead market price behavior. Countries with higher prices and greater price fluctuations within a single day generally offer more room for shifting electricity between hours.
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In the middle range are the Czech Republic, with 639 euros per MW per day; Germany, with 618; Austria, with 610; the Netherlands, with 597; Denmark, with 576; and Belgium, with 558.
Spain is immediately next, with 552 euros , just six euros below the Belgian market and 21 euros above Portugal, which registers 531.
The gap with the leaders, however, is significant. The theoretical opportunity for Spain is 31% lower than that of Hungary and remains around €245 below that of Greece, Bulgaria, and Romania.
Spain surpasses France, Italy and the Nordic countries
Although Spain's position lags behind Central and Eastern Europe, the result is not the weakest on the continent.
France registers a value of 489 euros per MW per day, while Finland reaches 407 and Italy 406. Sweden falls to 326 and Norway closes the ranking with just 215 euros.
The narrower price range in these markets reduces the opportunity for a strategy based solely on buying low and selling high. This does not necessarily mean that batteries lack appeal, as they can generate additional revenue through balancing services, frequency regulation, congestion management, capacity markets, or bilateral contracts.
For Spain, the 552 euros per MW per day shows that there is an economic signal for storage , fueled by the high photovoltaic penetration, the hours with very low or negative prices and the increased cost of electricity outside the solar period.
However, arbitrage alone will hardly resolve the bankability of projects. Ultimate profitability will depend on the ability to combine different revenue streams, ensure grid access, adapt operations to battery cycles, and reduce regulatory uncertainty.