Article published in El Mundo on 9 March 2026
Due to the instability in the Middle East, many of the energy companies’ offers have been withdrawn for the time being.
On 2 March, the conflict between Iran and the US began and gas prices started to rise; since then, the market price of gas has increased by more than 70%. After a week of conflict, on 9 March, wind power generation fell and, combined with increased gas-fired generation, this pushed the cost of electricity up to 120.MWh, 410% higher than at the start of the conflict.
The big question at the moment is how long the war and the blockade of the Strait of Hormuz – through which a quarter of the world’s natural gas (LNG) passes - will last.
"This is no joke. In terms of oil, the blockade represents a severe supply shock: some 20 million barrels of oil are being lost daily, compared to 4.3 million during the Gulf War in the 1990s” [Manuel Velázquez, Senior Partner at ERA Group Spain]
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The conflict in Iran affects fixed electricity and gas tariffs
