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VOL 7 | NUM 53 | 2 September 2025
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IBERIA | 25 - 31 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
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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 declined during the last week of August, prior to the return to normal activity
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The average price of Day-Ahead Market in Spain reached EUR 65.4/MWh last week, registering a drop of 4% compared to the previous week's average (EUR 68.0/MWh). This weekly price was 40% lower than in 2024 (EUR 108.9/MWh) and 33% lower than in 2023 (EUR 97.5/MWh).
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YTD average is EUR 63.9/MWh, 28% higher than YTD value in 2024 (EUR 49.8/MWh) and 29% lower than YTD value in 2023 (EUR 89.9/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 slightly increased by 0.2%, reaching 5.90 TWh, compared to the 5.89 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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- Increase in wind generation by 2.3 pp
- Decrease of solar PV by 1.8 pp
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Global renewable energy share barely changed, increasing from 56% to 56.2% 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 recorded more hourly prices above EUR 100/MWh compared to the previous week, with a share of 24%, although the weekly average was lower. The maximum hourly price was EUR 142/MWh, reached on Monday at 9 p.m. Negative prices or prices close to EUR 0/MWh were also recorded from Thursday onwards, reaching the week's low of EUR 0.98/MWh on Sunday at 4 p.m.
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French and Portuguese prices followed a similar trend throughout the week, while the Spanish IM recorded a low of EUR -15/MWh on Friday between noon and 2 p.m.
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The SWE grid coupling was 42%, lower compared to the value recorded the previous week, 46%.
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- Spain-Portugal: 97%
- Spain-France: 43%
- SWE (ES-PT-FR): 42%
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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 65.4/MWh
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Spanish IM
EUR 73.3/MWh
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Portugal DAM
EUR 65.5/MWh
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France DAM
EUR 55.6/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 6.8 GW, close to maximum output (7 GW)
- Hydraulic generation provided night-time peak generation. The hourly average production was 3.5 GW. There was significant pumping during the day, in line with the week in Spain and Portugal, especially from Thursday onwards
- Gas generation provided an hourly average output of 5.4 GW and relevant baseload, with weekly maximum values of 11.5 GW on Tuesday at 9 p.m.
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- Solar PV was the first source of electricity during 42% of the week, followed by wind (25%) and gas (14%)
- Hourly renewable share fluctuated between 31% and 70% of total generation, consistent with values observed in the previous week (28% and 71%). Wind's maximum share reached 47% 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 1.17 TWh, 17% higher than the previous week
- Solar generation was 1.31 TWh, 6% lower 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 31.3/MWh
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Portugal
EUR 33.1/MWh
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Spain
EUR 64.6/MWh
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Portugal
EUR 61.4/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, eased on signals that demand in the US, the world’s largest oil consumer, is slowing down, even as more OPEC+ supply returns to the market. Brent were last seen at USD 67.48/bbl, keeping in a range of USD 66-68/bbl. On Monday, Brent hit USD 68.49/bbl, the highest since 1 August, as Ukrainian drone attacks on Russian energy infrastructure raised supply concerns. Additionally, new US tariffs on Indian imports heightened geopolitical tensions.
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European gas prices dropped as supply risks eased and inventories remained strong. After five consecutive sessions of gains, prices fell on Tuesday due to technical corrections and shifting fundamentals, despite Norwegian maintenance and geopolitical tensions. Prices opened at EUR 33.51/MWh on Monday and settled at EUR 31.62/MWh on Friday. LNG send out reached five-year highs, and gas storage was 76.6% full.
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European carbon prices were last seen at EUR 72.99/t. On Wednesday, the contract reached a near three-week high of EUR 73.30/t, following the publication of the latest ICE exchange report on traders' commitments. The diminished optimism regarding a Russia-Ukraine ceasefire last week appears to have encouraged investment funds to re-establish their long EUA positions. This week, over 11.3 million EUAs were successfully auctioned at an average price of EUR 71.29/t.
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Finally, power futures showed a mixed trend: Q4 25, Q1 26, and Q2 26 fell by -2.2%, -1.2%, and -2.3% to EUR 72.5/MWh, EUR 66.0/MWh, and EUR 40.3/MWh, respectively. On the yearly front, cal 2026 dipped -0.8% to EUR 60.85/MWh, while cal 2027 was steady at EUR 58.6/MWh (up 0.1%).
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