Variation and components

Economic activity, electricity demand, and GDP have all shown positive growth.

Like last year, this year economic activity, electricity demand, and GDP have all shown positive growth. GDP and demand increased, just like last year. The relationship between demand and economic activity has resulted in a positive elasticity of 0.6 between adjusted demand variation and GDP, a figure similar to that recorded last year.

In any case, the evolution of elasticity between adjusted electricity demand and GDP maintains a low ratio, as it has shown in recent years: elasticity of -0.2 in the 2018-2022 period, -0.4 in the 2019-2023 period, and 0 in the 2021-2025 period. In other words, in recent years, the relationship between these variables has been practically non-existent, as has become evident following the economic recovery that took place after the 2009 crisis. 

Annual evolution of the variation in demand at power station busbars

The year 2025 has been colder in winter and warmer in summer than 2024, which resulted in a positive contribution of 1.2 percentage points to the growth in demand due to the temperatures.

After factoring in the influence of working patterns and temperatures, the result is a positive variation of 1.6% compared to the previous year, both in Spain and on the peninsula.

Annual evolution of the components of the variation in electricity demand

Monthly evolution of the components of the variation in electricity demand

2025 was, on average, slightly warmer than 2024

From the point of view of temperature influence on demand, the year 2025 was colder in winter and warmer in summer than 2024 compared to the previous year, with 29.5% more heating degree days and 26.3% more cooling degree days. 

Monthly evolution of maximum temperatures

Compared to the historical average, the year 2025 recorded warmer temperatures in summer and milder temperatures in winter. On the peninsula, daytime temperatures with a cooling effect (cooling degree days) were 17.2% lower than average values, and daytime temperatures with a heating effect (heating degree days) were 65.1% higher than average values for the period. In other words, over the year as a whole, the number of days with warmer than average temperatures was higher.

Evolution of maximum daily temperatures compared to the historical average

This means that over the course of 2025, 48.6% of days had temperatures well above the historical average temperature, which is higher than the 46.2% of the previous year. Such days were concentrated mainly in January, from June to August, and October, with June standing out among the summer months and October and January among the winter months. On the other hand, only 10.3% of days in the year had temperatures below the historical average (over 3.3% the previous year), and these days were mainly concentrated in March.

Rolling adjusted demand remained fairly stable overall. In more detail, it shows a slight downward trend until May, then rises in June and July, declines again until October, and recovers in the final two months of the year. Monthly adjusted demand displays a highly irregular pattern throughout 2025, with pronounced peaks in March, June, and November, alternating with significant drops in February, April, and August, reflecting high volatility.

The year began with solid growth in January, which corrected sharply in February, when demand declined slightly compared to the previous year. In March, demand rebounded strongly, marking one of the first significant peaks of the year. This momentum did not carry through into spring: April recorded a marked decline (the steepest of the year), while May showed virtually no growth. June represented a clear turning point, with exceptionally strong growth, the highest of the year. Following this peak, July maintained positive growth, albeit at a much more moderate pace. During the summer, demand once again showed signs of weakness: August returned to negative territory, breaking the continuity of summer growth. In September, the change was positive again, although it did not reach June’s levels. In the final quarter, the trend was more heterogeneous. October showed very weak growth, close to stagnation, while November recorded another significant increase. Finally, December closed the year with strong growth, consolidating a clearly positive year-end trend.

Monthly variation in adjusted demand in 2025