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VOL 7 | NUM 33 | 15 April 2025
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IBERIA | 7 - 13 April 2025
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Power Markets Weekly
is a brief weekly review of the electric market operation in Chile, Mexico, Iberia, France and Italy. If you are not a subscriber, please feel free to subscribe
here
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DNV offers tools for Wholesale Market analysis and operation:
- DNV Power Analytics (DNV-PA) is our web-based platform that provides access to constantly updated long-term energy price forecasts.
- With a refined design and an improved user experience we are upgrading our digital services for our customers.
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Day-Ahead Market weekly average price slightly increased alongside lower wind generation and decreasing commodity prices
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The average price of Day-Ahead Market in Spain reached EUR 31.2/MWh last week, registering a rise of 9% compared to the previous week's average (EUR 28.6/MWh). This weekly price was 311% higher than in 2024 (EUR 7.6/MWh) and 35% lower than in 2023 (EUR 47.7/MWh).
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YTD average is EUR 79.5/MWh, 104% higher than YTD value in 2024 (EUR 38.9/MWh) and 13% lower than YTD value in 2023 (EUR 91.5/MWh).
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Annual evolution of the average weekly price of the Spanish Daily Market
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Generation plus imports in Iberia decreased by 2.2%, reaching 5.51 TWh, compared to the 5.63 TWh recorded the previous week.
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The main changes observed in the energy mix, compared to the previous week, were:
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- An important drop of wind generation (- 8.0 pp)
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- An increase in nuclear (+1.4 pp), gas (+ 1.1 pp) and hydraulic generation (+ 1.9 pp)
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Global renewable energy share decreased from 68.2% to 65.2% since the previous week. This decrease was primarily fueled by the drop in wind generation, partially compensated by the solar PV and hydro generation.
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Generation Mix Iberia
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Variation Iberia
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Nuclear
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Cogeneration
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Renewable thermal
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Coal
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Combined cycle
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Hydraulic
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Wind
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Solar PV
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Solar thermal
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Imports
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Power range by energy sources vs demand Iberia
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Spanish DAM showed a decreasing trend along the week. The maximum hourly price of EUR 170/MWh was reached on Monday at 9 p.m. The minimum hourly price of the week, EUR -1.51/MWh, was reached on Sunday at 3 p.m., as negative prices keep being observed. Near zero or negative prices were reached during 33 hours, 20% of the time.
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Data referring to the technologies that set the price during the week are not available at the time of publication of this newsletter.
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The SWE grid coupling was 47%, sligthly higher compared to the value recorded the previous week, 43%:
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- Spain-Portugal: 99%
- Spain-France: 48%
- SWE (ES-PT-FR): 47%
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Weekly evolution of the hourly price of the Day-ahead and Intraday Market (DAM and IM)
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Spanish DAM
EUR 31.2/MWh
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Spanish IM
EUR 37.4/MWh
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Portugal DAM
EUR 31.1/MWh
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France DAM
EUR 38.6/MWh
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Hourly detail of the generation & interconnections in Iberia
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The highlights from last week
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- The hourly average output of nuclear generation was 6.0 GW, higher than the previous week.Trillo is under scheduled maintenance until April 26, while other plants decided for the fourth week in a row to lower their output during the weekend due to the low prices scheduled for the Day-ahead market.
- Hydraulic generation provided basic flexibility needs throughout the week with a relevant baseload generation. The hourly average production was 8.8 GW.
- Gas generation provided an hourly average output of 2.9 GW, with weekly maximum values of around 6.2 GW on Monday at 8.a.m, and minimum values of around 1.6 GW on Friday at 2 p.m.
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- Hydro was the first source of electricity during 57% of the week, followed by solar PV (36%) and wind (8%)
- Hourly renewable share fluctuated between 44% and 74% of total generation, lower than the values observed in the previous week (50% and 76%). Wind's maximum share reached 36% of hourly generation, while solar PV's maximum share reached 54%
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Solar and wind generation
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- Wind generation was 0.9 TWh, 34% lower than the previous week
- Solar generation was 1.01 TWh, 14% higher than the previous week
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Generation by technology Iberia
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Interconnections by country, from Spain
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Hourly wind & solar generation
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Solar PV Price
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Wind Price
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Spain
EUR 7.4/MWh
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Portugal
EUR 5.5/MWh
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Spain
EUR 31.3/MWh
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Portugal
EUR 31/MWh
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*The solar / wind price has been calculated as the MD price weighted by the solar / wind generation of the peninsula.
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Futures Market & Commodities
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On the oil market, prices tumbled to four-year lows this week, driven by escalating US-China trade tensions and a stronger-than-expected price cut by Saudi Arabia. Brent and WTI benchmarks saw significant drops, with fears of a global recession pushing prices down. Saudi Arabia's decision to slash crude prices, alongside an Opec+ production hike, fueled concerns of oversupply. While a brief rebound occurred on Tuesday, prices remained under pressure during the rest of the week. By Friday, oil prices were set to end the week lower (USD 64.76/bbl), reflecting ongoing uncertainty.
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European gas prices were last seen at EUR 33.6/MWh on Friday. Prices fell sharply early in the week amid global market turmoil and escalating US-China trade tensions, hitting a nearly seven-month low midweek, EUR 32.5/MWh. A 90-day pause on US tariffs lifted prices briefly on Thursday, though bearish fundamentals capped gains. Milder weather and ample LNG supply kept demand subdued. European gas storage stood just below 35% full, around 21 percentage points lower than the same time last year.
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European carbon prices fell 2% this week, pressured by global trade tensions and fading investor appetite. The Dec 25 EUA contract dropped from EUR 63.82/t to around EUR 62.50/t, after hitting a six-month low of EUR 60.26/t midweek. Investment funds’ net long position halved to 15.8m EUAs, the lowest since December, as total long positions saw the largest weekly drop in over five months.
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Finally, futures showed a general upwards trend overall. Q3 25 increased by 1.1%, while Q4 25 and Q1 26 rose by 0.1% and 0.4% respectively, ending at EUR 69.8/MWh, EUR 76.0/MWh and EUR 65.5/MWh, respectively. On the yearly front, cal 26 closed at EUR 59.5/MWh (+0.8%) and cal 27 at EUR 55.2/MWh (+0.9%).
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