The Iberian knot: Price resilience and grid fragility

The Iberian Peninsula has, within a year, delivered two examples of how a modern power system can behave under stress. In April 2025, the grid collapsed, leaving tens of millions without power. In March 2026, as war drove a renewed surge in European gas prices, the same system proved markedly more resilient than its peers. inspiratia explores the contradiction at the heart of the Iberian power system.