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VOL 7 | NUM 45 | 8 July 2025
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IBERIA | 30 June - 6 July 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 increased alongside higher demand and gas generation
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The average price of Day-Ahead Market in Spain reached EUR 91.7/MWh last week, registering a rise of 4% compared to the previous week's average (EUR 87.8/MWh). This weekly price was 88% higher than in 2024 (EUR 48.9/MWh) and 12% lower than in 2023 (EUR 104.3/MWh).
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YTD average is EUR 63.0/MWh, 61% higher than YTD value in 2024 (EUR 39.1/MWh) and 29% lower than YTD value in 2023 (EUR 88.9/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 increased by 4.2%, reaching 6.57 TWh, compared to the 6.29 TWh recorded the previous week. Demand specially rose due to AC needs related to higher temperatures.
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The main changes observed in the energy mix, compared to the previous week, were:
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- An increase of wind (+3.1 pp) and gas (+3.2 pp) generation
- A decrease of solar PV (-2.6 pp) and nuclear (-2.4 pp) generation
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Global renewable energy share increased from 55.8% to 56.5% since the previous week.
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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 kept showing high levels aligned with summer patterns and increasing demand. Prices were above EUR 30/MWh until the weekend, dropping to near-zero values on Saturday and Sunday during solar hours. However, negative prices were not registered, and the minimum price was EUR 0.65/MWh, set on Sunday from 3 p.m. to 5 p.m. The maximum price of EUR 175.01/MWh was registered on Monday at 9 p.m.
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Portuguese DAM followed the Spanish prices during the entire week. French DAM prices remained in general below Spanish ones, reaching a minimum value of EUR -0.11/MWh on Saturday at 2 p.m.
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The SWE grid coupling was 17%, lower than the value recorded the previous week, 20%:
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- Spain-Portugal: 100%
- Spain-France: 17%
- SWE (ES-PT-FR): 17%
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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 91.7/MWh
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Spanish IM
EUR 99.7/MWh
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Portugal DAM
EUR 91.7/MWh
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France DAM
EUR 75.5/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 6.4 GW, reaching a lower value than the previous week (6.9 GW). Vandellós was unavailable from Tuesday to Friday afternoon.
- Hydraulic generation provided baseload generation except during solar hours. The hourly average production was 4.7 GW.
- Gas generation provided an hourly average output of 7.9 GW and relevant baseload, with weekly maximum values of 14.6 GW on Monday at 11 p.m.
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- Solar PV was the first source of electricity during 45% of the week, followed by gas (25%) and wind (23%)
- Hourly renewable share fluctuated between 33% and 69% of total generation, consistent with values observed in the previous week (32% and 71%). Wind's maximum share reached 38% of hourly generation, while solar PV's maximum share reached 56%
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Solar and wind generation
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- Wind generation was 1.2 TWh, 35% lower than the previous week
- Solar generation was 0.56 TWh, 4% 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 64.2/MWh
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Portugal
EUR 64/MWh
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Spain
EUR 99.5/MWh
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Portugal
EUR 95.4/MWh
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*The solar / wind price has been calculated as the DA 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 declined ahead of the Opec+ meeting and in response to reduced tensions in the Middle East. The week ended at USD 68.3/bbl, after reaching a peak of USD 69.21/bbl on Wednesday. Since 25 June, Brent has traded within a narrow range of USD 66-69/bbl, as concerns about potential supply disruptions eased following a truce between Iran and Israel. On 23 June, the contract rose briefly above USD 81/bbl—the first time since January—on the final day of the 12-day conflict. Oil prices decreased on Friday prior to the upcoming Opec+ meeting, where an additional output increase is anticipated, leading to concerns about surplus supply against moderate demand and global economic uncertainty.
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European gas prices remained stable, ranging between EUR 32-34/MWh throughout the week, closing at EUR 33.5/MWh. Temperatures in Germany, the largest European gas market, were above average, while several nuclear reactors in France operated at reduced capacity or were shut down due to high river temperatures. EU gas storage facilities reached 60.3% capacity. On 26 June, the EU approved proposed gas storage rules requiring underground sites to be filled to 90% between 1 October and 1 December, with plans for these rules to become binding by October.
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European carbon prices ended the week at EUR 71.67/t, following an intraday peak of EUR 72.79/t on Thursday, approaching the EUR 73/t threshold. Earlier in the week, prices reached a seven-week low of EUR 68.74/t on Monday. Market participants attributed the rise in carbon allowances to increased demand in the power sector due to heatwave conditions, which led some traders to cover their short positions. On the supply side, a total of 11.3 million EUAs were auctioned last week at an average price of EUR 69.83/t, with an average cover ratio of 1.70, according to data from EEX.
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Finally, futures showed a mixed trend. Q4 25 went down by 3.2% reaching EUR 78.9/MWh. Q1 26 increased by 7.5% reaching EUR 71.9/MWh by the end of the week. Q2 26 closed the week at EUR 39.9/MWh, which represented an increase of 10.%. Finally, on the yearly front, cal 26 reached EUR 63.2/MWh by the end of the week (+3.7%) and cal 27 closed at EUR 61.9/MWh on Friday, a gain of 5.1% compared to the week before.
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