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VOL 7 | NUM 49 | 5 August 2025
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IBERIA | 28 July - 3 August 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
Summer Break Notice: Our weekly report is taking a well-deserved vacation for the next two weeks as we take advantage of the sunshine for recharging our batteries. We’ll be back, refreshed and ready, on August 26th with all the latest updates.
Until
then, enjoy the sunshine and have a fantastic summer!
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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 dropped below EUR 50/MWh, similar to the week before, as temperatures stayed in normal levels for the season
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The average price of Day-Ahead Market in Spain reached EUR 43.3/MWh last week, registering a drop of 21% compared to the previous week's average (EUR 54.7/MWh). This weekly price was 55% lower than in 2024 (EUR 95.4/MWh) and 37% lower than in 2023 (EUR 68.6/MWh).
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YTD average is EUR 63/MWh, 42% higher than YTD value in 2024 (EUR 44.4/MWh) and 29% lower than YTD value in 2023 (EUR 88.3/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 0.7%, reaching 6.07 TWh, compared to the 6.03 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 in wind generation by 4.0 pp
- Consequently, the following technologies reduced their share: hydro (-2.0 pp) and gas (-0.7 pp)
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Global renewable energy share increased from 61.7% to 63.3% 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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On the one hand, the Spanish DAM showed a lower proportion of prices above EUR 100/MWh compared to previous weeks, with the maximum reaching EUR 114.45/MWh on Thursday at 9 p.m. On the other hand, prices fell below EUR 0/MWh or approached that value during 18% of the week, except on Thursday and Friday, when prices did not fall as much. The minimum price was EUR -5/MWh on Sunday at 1 p.m.
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Prices in France and Portugal followed the same trend for most of the week, especially from Thursday onwards, when prices remained virtually unchanged in all three countries.
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The SWE grid coupling was 68%, comparatively higher than the value recorded the previous week, 30%:
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- Spain-Portugal: 97%
- Spain-France: 33%
- SWE (ES-PT-FR): 31%
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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 43.3/MWh
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Spanish IM
EUR 54.1/MWh
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Portugal DAM
EUR 43.4/MWh
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France DAM
EUR 47.9/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 night-time peak generation. The hourly average production was 3.0 GW. Pumping during day-time was present alongside the week in Spain and Portugal
- Gas generation provided an hourly average output of 4.3 GW and relevant baseload, with weekly maximum values of 8.5 GW on Wednesday at 10 p.m.
- Coal generation has been out of the market and not generating electricity since mid-July
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- Wind was the first source of electricity during 54% of the week, followed by solar PV (46%)
- Hourly renewable share fluctuated between 46% and 72% of total generation, consistent with values observed in the previous week (45% and 71%). Wind's maximum share reached 51% of hourly generation, while solar PV's maximum share reached 55%
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Solar and wind generation
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- Wind generation was 1.6 TWh, 19% higher than the previous week
- Solar generation was 1.52 TWh, almost equal 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 17.3/MWh
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Portugal
EUR 15.4/MWh
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Spain
EUR 50.9/MWh
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Portugal
EUR 43.7/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, increased by 3% this week compared to the previous week's close, ending a two-week decline. On Wednesday, prices reached USD 72.8/bbl, the highest since June 23rd, influenced by reports that USS President suggested imposing tariffs on purchasers of Russian oil as a measure related to the conflict in Ukraine. The market also experienced concerns related to potentially slowing global demand growth and an excess supply, as OPEC+ convened this weekend to announce its September output production decision.
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European gas prices remained steady on Monday following a US-EU trade deal imposing a 15% tariff on EU goods. Prices rose later in the week due to tightened LNG markets from higher summer cooling demand and outages at the US Freeport terminal, with Canada’s LNG facility operating below half capacity. Prices reached EUR 35.7/MWh, the highest since July 17th. European storage was at 68.3%, down from 84.9% a year earlier.
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European carbon prices were las seen at EUR 71.04/t, slightly lower than last Friday’s close of EUR 71.34/t. Prices increased during the first half of the week, with the contract reaching EUR 73.35/t on Wednesday, the highest level since 25th June, before declining following new US tariff announcements. On Tuesday, the EEX released its updated EUA auction calendar for September–December 2025 as well as the new 2026 auction schedule. This week, over 11.3 million EUAs were auctioned at an average price of EUR 71.08/t with an average cover ratio of 1.60.
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Finally, futures recorded minor changes. Q4 25, Q1 26 and Q2 26 slightly increased by 0.4%, 0.3% and 0.8% respectively. They closed the week at EUR 75.54/MWh, EUR 69.90/MWh and 42.75/MWh. On the yearly front, the trend was repeated for cal 26, with a variation of 0.1% and a closing price of EUR 62.50/MWh, while cal 27 fell by -1.8% and closed at EUR 59.4/MWh.
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