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VOL 7 | NUM 47 | 22 July 2025
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IBERIA | 14 - 20 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 remained stable along with higher demand but increasing wind generation
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The average price of Day-Ahead Market in Spain reached EUR 77.8/MWh last week, registering a rise of 1% compared to the previous week's average (EUR 77.3/MWh). This weekly price was 5% higher than in 2024 (EUR 73.8/MWh) and 12% lower than in 2023 (EUR 88.5/MWh).
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YTD average is EUR 64/MWh, 55% higher than YTD value in 2024 (EUR 41.2/MWh) and 28% lower than YTD value in 2023 (EUR 89.0/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 2.1%, reaching 6.29 TWh, compared to the 6.15 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 increase of wind generation (+ 2.1 pp)
- Consequently, a decrease in gas (- 1.9 pp) and hydraulic generation (- 1.3 pp)
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Global renewable energy share increased from 55.5% to 57.3% 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 price increased from Wednesday to Friday, to then drop back again during the weekend. The weekly hourly maximum of EUR 175.5/MWh was set on Wednesday at 9 p.m., while negative prices were observed again during Sunday, with a minimum price of -EUR 1.01/MWh at 4 p.m. Near zero or negative prices were only observed during Saturday and Sunday.
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French DAM price followed the Spanish trend but remained in general below it. On the other hand, Portugal was fully coupled to Spain during the entire week.
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The SWE grid coupling was 29%, higher than the value recorded the previous week, 17%:
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- Spain-Portugal: 100%
- Spain-France: 29%
- SWE (ES-PT-FR): 29%
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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 77.8/MWh
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Spanish IM
EUR 83.7/MWh
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Portugal DAM
EUR 77.8/MWh
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France DAM
EUR 60.9/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 6.9 GW, reaching a similar value than the previous week (7.0 GW).
- Hydraulic generation provided baseload generation except during solar hours. The hourly average production was 3.5 GW.
- Gas generation provided an hourly average output of 5.6 GW and relevant baseload, with weekly maximum values of 12.1 GW on Thursday at 9 p.m.
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- Solar PV was the first source of electricity during 49% of the week, followed by wind (24%) and gas (17%)
- Hourly renewable share fluctuated between 34% and 70% of total generation, consistent with values observed in the previous week (28% and 73%). Wind's maximum share reached 41% of hourly generation, while solar PV's maximum share reached 58%
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Solar and wind generation
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- Wind generation was 1.1 TWh, 16% higher than the previous week
- Solar generation was 1.6 TWh, 5% 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 53.6/MWh
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Portugal
EUR 52.3/MWh
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Spain
EUR 79.1/MWh
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Portugal
EUR 78/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 ended the week at USD 69.86/bbl, supported by renewed geopolitical tensions after drone attacks shut down nearly half of northern Iraq’s oil output. Earlier in the week, prices had fluctuated within a narrow USD 66–72/bbl range, with Brent briefly dipping to USD 68.62/bbl amid softer-than-expected US sanctions on Russia and ongoing concerns over weak Chinese economic growth. Opec+ maintained its plan to raise production by 548,000 barrels per day in August, surpassing the previous monthly increase of 411,000 barrels per day.
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European gas prices fluctuated over the week, amid increased Asian LNG demand and unplanned Norwegian outages. Prices retreated midweek and settled at EUR 33.59/MWh on Friday, down nearly 5% from the weekly peak, as outages were resolved and supply normalised. Cooler weather forecasts and subdued LNG demand in Asia further eased market tensions.. European gas storage reached 63.9%, still well below last year’s level of 81.6% for this time in July.
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European carbon prices ended the week nearly unchanged, with the December 2025 EUA contract last trading at EUR 70.63/t, up marginally from EUR 70.55/t a week earlier. Prices traded within a narrow range, touching a low of EUR 69.64/t mid-week before stabilizing, as market participants remained cautious amid thin holiday season liquidity and ongoing uncertainty around potential US tariffs. Investment funds’ net long position declined by 3.9 million EUAs to 15.1 million EUAs, the lowest since early May. Auction activity remained steady, with 11.3 million EUAs sold at an average price of EUR 69.98/t and a cover ratio of 1.82.
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Finally, futures showed a general downwards trend overall. Q4 25 went down by 2.4% reaching EUR 79/MWh. Q1 26 slid by 2.2% reaching EUR 72.1/MWh by the end of the week. Q2 26 closed the week at EUR 42.7/MWh, which represented an increase of 4.1%. Finally, on the yearly front, cal 26 reached EUR 63.5/MWh by the end of the week (-0.3%) and cal 27 closed at EUR 61.2/MWh on Friday, a loss of 1.1% compared to the week before.
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