Record July spreads in Spain and Portugal reinforce the signal for storageAleaSoft Energy Forecasting, August 5, 2026. In July, the average reached €148/MWh in Spain and €142/MWh in Portugal, record historic values for these markets. Source: Alea Energy DataBaseA record different from the energy crisisThe comparison with 2022 is revealing. In Sweden, hydro availability, temperatures and heating demand determine the episodes of high spread. Spreads as a signal for flexibilityThe record spreads in Spain and Portugal in July should not be interpreted solely as an episode of volatility, but as a structural transformation of the electricity system.