Electricity in Spain now costs 7x less than in Italy. And the gap is widening.

Before 2022, Europe's cheapest and priciest power markets differed by about 2x. Now it's up to 10x. In the first week of April, Spain averaged €18/MWh, Italy €131.

Wind, solar, and a battery boom let Spain largely decouple from gas prices - even through the current energy crisis. Italy remains tightly linked to gas, and one of the most expensive power markets.

Will this start a competitiveness race? If you're siting a factory, a data center, or even a bakery, energy costs are a key decision factor. And you'll think twice before picking a place where those costs are double what they could be.