It's kind of hard to judge considering the whiplash from Europe moving away from Russia.

Checkout the cost over time here (and set it to the 10 years view): https://tradingeconomics.com/spain/electricity-price

It's cheaper now than 10 years ago, but the Russian invasion made everything way more volatile.

As I understand it, Spanish generation is cheap but its grid is outdated, so it'll continue like that until more of the grid is switched out.