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While the Iberian day-ahead market operated normally after the April 2025 blackout, May saw an increase in REE's security-driven balancing costs. These measures, implemented to reduce systemic risk, led to higher wholesale prices, highlighting the inherent trade-off between reliability and affordability.

Spain's electricity faces significant challenges. While recent efforts have focused on expanding wind and solar capacity, effective grid integration is equally crucial for a successful energy transition.

The increased penetration of renewable energies in Spain, especially solar and wind, has reduced wholesale electricity prices by 20% in the last three years and could cut them by a further 20% by 2030 if the ambitious PNIEC targets are met.

Inflation is falling and over the coming months various factors are expected to place it around, or below, 2%. Nonetheless, pressure from higher labor costs and geopolitical uncertainty could make for a bumpy ride.

The reduction in electricity prices in Europe is attributed to the reversal of supply shocks and a decrease in demand. The definitive impact of renewable energies will be delayed until advances in storage systems are achieved, allowing for more effective management of demand peaks.

The electric counterreform and the constitutional reform that seeks to make it viable, are at odds with Mexico's commitments in trade and investment agreements.

In the first half of 2018, the Mexican economy grew at a lower rate than expected, with the service sector contributing 86.9% of GDP growth, less than the 92.1% observed in 2017. Manufacturing industries recovered in 2017, contributing 11.8% of growth, although uncertainty in the first half of the year affected their growth potential.

The next federal administration’s energy policy will be a key factor influencing economic growth, the fiscal balance, investment and the transition to an energy model more geared towards renewables.