​European solar expanded again in March 2026. The economics, however, are split sharply by country. In Spain, capture prices recovered to just €13.51/MWh. In Italy, they hit €124.72/MWh on a national level.

The difference comes down to gas. In Italy, gas sets the marginal price during virtually every hour that solar generates. Elevated gas prices, driven by continued Middle East tensions, kept wholesale prices high throughout March. Italian solar generators captured almost the full benefit.

Key takeaways