What the PVPC is and how its price is worked out
Spain’s regulated electricity tariff has no fixed price: it changes every hour under a formula set by the government.
The PVPC (precio voluntario para el pequeño consumidor) is Spain’s state-regulated electricity tariff for individuals and micro-enterprises with up to 10 kW of contracted power. It is not a fixed price but a formula, set by Royal Decree 216/2014, that gives a different price for every hour: it adds up the cost of energy, the network tolls set by the CNMC regulator, the government’s system charges and a retail margin fixed by ministerial order. Since 2026, 55% of the energy is priced with forward products and the rest on the day-ahead and intraday markets, which smooths out the spikes. Red Eléctrica publishes the next day’s 24 prices every evening. Over the last 30 days the energy term averaged 0.187 €/kWh per kWh before tax, and today the regulated part of each kWh averages 0.0033 €/kWh. Only reference retailers sell it, and it is the only tariff that comes with the social discount.
From the PVPC table price to what you pay
With taxes
0.238 €/kWh
| Tolls and charges inside the price | 0.0033 €/kWh |
| Energy, adjustments and the rest | 0.1839 €/kWh |
| Cost of 1.00 kWh | €0.24 |
In cents per kWh. Default: the PVPC average over the last 30 days, before taxes.
Checked by Radif Partners · Editorial policy · Method and sources
A formula, not a price
Article 17 of Act 24/2013 on the Electricity Sector defines the PVPC as the maximum price reference retailers may charge consumers who opt for it, and Royal Decree 216/2014 sets out how it is worked out. The bill has two terms. The power term is paid for each contracted kW per day; in 2026 it is 30.817413 € per kW per year at peak-standard and 0.725423 € off-peak, before tax. The energy term is paid for each kWh used, at the price of the hour you use it.
That hourly price is the one Red Eléctrica publishes on e·sios: the PVPC 2.0TD active energy billing term. It already includes the tolls and charges of the energy term, so you do not add them separately; what you do add is tax, as the today’s price table does.
What each hour’s price is made of
The official file breaks the price into several components. The main ones are:
- Energy. The cost of buying the electricity. Since the Royal Decree 446/2023 reform, a growing share is priced with a basket of monthly, quarterly and yearly forward products: 25% in 2024, 40% in 2025 and 55% in 2026. The rest follows the day-ahead market.
- Balancing services. What it costs Red Eléctrica to keep the system balanced in real time, shared among all consumers.
- Tolls and charges. Tolls pay for the transmission and distribution networks and are set by the CNMC; charges pay other system costs and are set by the Ministry. Their value depends on each hour’s period, as the tolls and charges guide explains.
- Other items. Capacity payments, funding for the market and system operators, and a small variable retail cost.
The mini calculator above separates, for whatever price you enter, the regulated part from the rest. Today the regulated part averages 0.0033 €/kWh of each kWh.
Why forward contracts are now inside the PVPC
Until 2023 the PVPC followed the day-ahead market almost entirely, and in 2022, with gas prices soaring, bills for households on it multiplied. The reform aimed for stability: with forward products in the mix, part of the price is locked in months ahead and day-ahead shocks weigh less. The flip side is that when the market collapses, the PVPC falls less than it used to. Hours still have different prices, because the day-ahead signal is kept for each hour.
Quarter hours and meters
Since 1 October 2025 the day-ahead market sets a price every 15 minutes, but the PVPC still has 24 prices a day because household meters record by the hour. The quarter-hour price page shows both series side by side.
Who sells the PVPC and how to sign up
Only reference retailers can offer it, all at the same price. Call them or go to their website and ask for the PVPC with your CUPS, the supply-point code printed on every bill. There is no tie-in and no exit fee, and switching needs no works and no new meter. The PVPC is also the only tariff on which you can apply for the social discount.
PVPC versus a fixed price
The big difference from a fixed-price market tariff is who carries the risk. On the PVPC you do: if the market rises, you pay more. On a fixed price the retailer does, and charges for it in the price. To see what would have suited you lately, the PVPC versus fixed price comparison works out both bills for the last 30 days with your own use.