|
|
VOL 7 | NUM 52 | 26 August 2025
|
|
|
|
|
|
|
|
IBERIA | 18 - 24 August 2025
|
|
|
|
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
|
|
|
|
|
|
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.
|
|
|
|
|
|
|
Day-Ahead Market weekly average price decreased to EUR 68/MWh, thanks to a reduction in demand due to holidays
|
|
|
|
The average price of Day-Ahead Market in Spain reached EUR 68.0/MWh last week, registering a decrease of 18% compared to the previous week's average (EUR 82.8/MWh). This weekly price was 17% lower than in 2024 (EUR 82.3/MWh) and 38% lower than in 2023 (EUR 110.2/MWh).
|
|
YTD average is EUR 63.9/MWh, 33% higher than YTD value in 2024 (EUR 48.1/MWh) and 29% lower than YTD value in 2023 (EUR 89.7/MWh).
|
|
Annual evolution of the average weekly price of the Spanish Daily Market
|
|
|
|
|
|
|
Generation plus imports in Iberia decreased by 4%, reaching 5.89 TWh, compared to the 6.12 TWh recorded the previous week.
|
|
The main changes observed in the energy mix, compared to the previous week, were:
|
- Wind generation increased by 6.5 pp
- Consequently, gas generation dropped its share by -3.2 pp, followed by hydro (-2.4 pp) and imports (-1.3 pp)
|
|
Global renewable energy share increased from 52.5% to 56% since the previous week.
|
|
Generation Mix Iberia
|
|
|
|
|
Variation Iberia
|
|
|
|
|
|
Nuclear
|
|
Cogeneration
|
|
Renewable thermal
|
|
Coal
|
|
Combined cycle
|
|
|
Hydraulic
|
|
Wind
|
|
Solar PV
|
|
Solar thermal
|
|
Imports
|
|
|
|
Power range by energy sources vs demand Iberia
|
|
|
|
|
|
|
Spanish DAM presented a maximum hourly value of EUR 130.87/MWh, reached on Saturday at 9 p.m., while the minimum was EUR -0.6/MWh, reached on Sunday between noon and 1 p.m. Values close to EUR 0/MWh or below were reached 6% of the time, and on the other hand, prices went over EUR 100/MWh 21% of the values of the week.
|
|
Hourly prices on the Spanish IM were negative on Wednesday and Thursday during certain solar hours, reaching a low of -7.45 EUR/MWh. Prices between Spain and Portugal remained coupled for most of the time, while France decoupled more during the first half of the week, but over the weekend the three countries followed almost the same trend.
|
|
The SWE grid coupling was 46%, higher compared to the value recorded the previous week, 36%.
|
- Spain-Portugal: 96%
- Spain-France: 47%
- SWE (ES-PT-FR): 46%
|
|
Weekly evolution of the hourly price of the Day-ahead and Intraday Market (DAM and IM)
|
|
|
|
|
|
|
Spanish DAM
EUR 68/MWh
|
|
Spanish IM
EUR 73.5/MWh
|
|
Portugal DAM
EUR 68/MWh
|
|
France DAM
EUR 58.5/MWh
|
|
|
|
|
|
Hourly detail of the generation & interconnections in Iberia
|
|
The highlights from last week
|
- The hourly average output of nuclear generation was 6.9 GW, close to maximum output (7 GW)
- Hydraulic generation provided night-time peak generation. The hourly average production was 3.4 GW. Large pumping during day-time was present alongside the week in Spain and Portugal, except for Monday
- Gas generation provided an hourly average output of 5.5 GW and relevant baseload, with weekly maximum values of 10.5 GW on Monday at midnight
|
- Solar PV was the first source of electricity during 44% of the week, followed by wind (29%) and nuclear (11%)
- Hourly renewable share fluctuated between 30% and 70% of total generation, consistent with values observed in the previous week (28% and 71%). Wind's maximum share reached 35% of hourly generation, while solar PV's maximum share reached 59%
|
|
Solar and wind generation
|
- Wind generation was 1.0 TWh, 53% higher than the previous week
- Solar generation was 1.4 TWh, 6% lower than the previous week
|
|
Generation by technology Iberia
|
|
|
|
|
|
|
Interconnections by country, from Spain
|
|
|
|
|
|
|
Hourly wind & solar generation
|
|
|
|
|
|
Solar PV Price
|
Wind Price
|
|
|
|
|
|
Spain
EUR 34.1/MWh
|
|
Portugal
EUR 33.5/MWh
|
|
|
|
Spain
EUR 73.6/MWh
|
|
Portugal
EUR 78.5/MWh
|
|
|
|
|
|
*The solar / wind price has been calculated as the DA price weighted by the solar / wind generation of the peninsula.
|
|
|
|
|
Futures Market & Commodities
|
|
On the oil market, prices traded flat along the week amid uncertainty on Trump-Zelensky summit and further Russian sanctions. The Brent crude benchmark largely drifted within a narrow trading range of USD 65-67/bbl over the past sessions. However, brent oil set a 2-week high on Friday as ceasefire hopes fade, at USD 68/bbl. Still, bearish sentiment remains as traders continue to monitor negotiations to end Russia’s war against Ukraine. Finally, according to the IEA, the higher OPEC+ targets announced for September will help boost global oil supply growth to 2.5m bbl/day this year and 1.9m bbl/day in 2026, of which non-OPEC+ output will account for 1.3m bbl/day and 1m bbl/day, respectively.
|
|
European gas prices fell to a 15-month low on Monday morning, influenced by high storage levels, consistent LNG imports, and ongoing US-Russia discussions regarding the conflict in Ukraine. The front-month price reached EUR 30.30/MWh, marking the lowest point since 17 May 2024. The decline was primarily attributed to strong storage data and ample supplies from Norway. Norwegian maintenance activities are anticipated to peak around mid-September. On Friday, gas prices had risen to EUR 33.69/MWh, a two-week high, due to increased demand and reduced supply. At the latest report, European storage facilities were at 74.8% capacity.
|
|
European carbon prices increased by approximately 3% from the previous Friday’s settlement, closing at EUR 72.53/t, remaining within a recent EUR 70–73/t trading range. Market participants attributed the limited price movement to relatively stable European gas prices and ongoing developments regarding the Russia-Ukraine ceasefire situation. In addition, speculative investors reduced their net long position in EUAs after the first weekly decrease in total long investments in five weeks. This week, 13.4 million EUAs were auctioned at an average price of EUR 71.06/t.
|
|
Finally, power futures presented a rising trend. Q4 25 jumped by 3.1% to reach EUR 74.11/MWh by the end of the week, Q1 26 increased by 2.8% to close at EUR 66.80/MWh and Q2 26 moved upwards by 2.3%, to reach EUR 41.25/MWh. On the yearly front, cal 26 increased by 2.2%, ending the week at EUR 61.35/MWh and cal 27 presented the slightest move by 0.9%, closing at EUR 58.55/MWh.
|
Why you are receiving this email
|
You are receiving this email because you are subscribed to our Power Markets Weekly report - IBERIA. If you no longer wish to receive this report, or if you would like to subscribe to other regional reports, you can manage your subscription using the button on the right.
|
|
|
|
DNV, Calle Santa Maria Magdalena 14, 28016 Madrid
|
|
|
|
|
This e-mail and any attachments thereto may contain confidential information and/or information protected by intellectual property rights for the exclusive attention of the intended addressees named above. If you have received this transmission in error, please immediately notify the sender by return e-mail and delete this message and its attachments. Unauthorized use, copying or further full or partial distribution of this e-mail or its contents is prohibited.
|
Your
data appears in a file under the responsibility of DNV Maritime and Energy, S.L.U. - NIF: 82800798 Postal address: Calle Santa Maria Magdalena, 14 - Planta 2, 28016, Madrid, E-mail: power-markets-weekly@dnv.com. On behalf of the company we treat the information you provide us with in order to send you market information, information related to our services and invitations to events. The data provided will be kept as long as you do not request the cessation of the activity. The data will not be transferred to third parties except in cases where there is a legal obligation. You have the right to obtain confirmation on whether in DNV GL Services Spain S.L. we are treating your personal data so you have the right to access your personal data, rectify inaccurate data or request its deletion when the data is no longer necessary.
|
DNV GL Services Spain S.L. publishes this weekly report using public information from OMIE, REE y MEFF. This document is for information purposes only. Its partial or total reproduction is authorized while mentioning its source as DNV. Opinions herein expressed are proprietary.
|
|
|
