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VOL 8 | NUM 1 | 9 September 2025
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IBERIA | 1 - 7 September 2025
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Dear readers, We are glad to celebrate with you the seventh anniversary of our Iberian Weekly report. Thank you for your trust, and for constantly providing us with feedback to further improve this report. Your contributions have been key for the current version to provide useful and up-to-date market data.
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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 began September with an average price below EUR 50/MWh
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The average price of Day-Ahead Market in Spain reached EUR 45.2/MWh last week, registering a drop of 31% compared to the previous week's average (EUR 65.4/MWh). This weekly price was 52% lower than in 2024 (EUR 94.0/MWh) and 56% lower than in 2023 (EUR 101.6/MWh).
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YTD average is EUR 63.4/MWh, 24% higher than YTD value in 2024 (EUR 51/MWh) and 30% lower than YTD value in 2023 (EUR 90.2/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 decreased by 0.8%, reaching 5.86 TWh, compared to the 5.90 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 of wind generation by 2.9 pp
- Decrease of gas generation by -2.6 pp
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Global renewable energy share increased from 56.2% to 58.4% 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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The Spanish DAM showed a fairly volatile profile throughout the week, with a range between maximum and minimum hourly prices of EUR 161/MWh. Although prices fell during daylight hours, they then rose for the afternoon rebound. The maximum hourly price was EUR 160/MWh, reached on Tuesday at 9 p.m., while the minimum was EUR -0.99/MWh, recorded on Saturday at 2 p.m.
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French DAM fell to EUR -53.4/MWh on Sunday at 1 p.m., while the Spanish IM recorded a low of EUR -30.62/MWh on Tuesday at midday.
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The SWE market coupling was 31%, lower compared to the value recorded the previous week, 42%.
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- Spain-Portugal: 87%
- Spain-France: 40%
- 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 45.2/MWh
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Spanish IM
EUR 53.3/MWh
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Portugal DAM
EUR 45.4/MWh
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France DAM
EUR 28.8/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, close to maximum output (7 GW)
- Hydraulic generation provided night-time peak generation. The hourly average production was 3.2 GW. Large pumping during day-time was present alongside the week in Spain and Portugal
- Gas generation provided an hourly average output of 4.4 GW and relevant baseload, with weekly maximum values of 10.1 GW on Thursday at 9 p.m.
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- Wind was the first source of electricity during 44% of the week, followed by solar PV (44%) and hydro (13%)
- Hourly renewable share fluctuated between 42% and 70% of total generation, with a higher lower bound compared to the values observed in the previous week (31% and 70%). Wind's maximum share reached 46% of hourly generation, while solar PV's maximum share reached 54%
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Solar and wind generation
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- Wind generation was 1.33 TWh, 14% higher than the previous week
- Solar generation was 1.3 TWh, 1% 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 10.9/MWh
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Portugal
EUR 9.6/MWh
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Spain
EUR 46/MWh
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Portugal
EUR 45.6/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, climbed earlier in the week after Ukrainian attacks on Russian energy infrastructure disrupted exports, and markets considered the effects of upcoming 50% US tariffs on Indian imports as a penalty for buying Russian oil. However, prices fell from a one-month high of USD 69.53/bbl by week's end as supply concerns eased ahead of OPEC+'s meeting on 7 September.
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European gas prices increased throughout the week, reaching EUR 32.75/MWh by week’s end. Prices were affected by scheduled maintenance on the Norwegian infrastructures and ongoing storage injections in preparation for winter. Reports of LNG deliveries from Russia's Arctic 2 unit to China for the first time, as well as the potential impact of a French energy sector strike, contributed to market movements. Gas prices also reflected a rise in CO2 prices, albeit at a slower rate. European gas inventories were reported at 78.5% full.
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European carbon prices reached an 11-week high, ending 4% above the previous Friday. The Dec 25 EUA closed at EUR 76.04/t, up EUR 3.05/t week-on-week and about 1% higher day on day, with a peak at EUR 76.25/t—its highest since 16 June. Factors included compliance buying before the 30 September deadline, the Dec 25 contract surpassing EUR 73/t resistance, and increased long positions. Investment funds’ net long position rose to 31.7m EUAs, up 5.9m from the prior week, marking the highest level since March.
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Finally, futures showed minor increases. Q4 25 rose by 0.9% to EUR 73.30/MWh, Q1 26 closed at EUR 65.90/MWh with a 1.0% increase, and Q2 26 ended at EUR 40.90/MWh, up 2.1%. For yearly contracts, cal 26 increased by 0.8% to EUR 61.60/MWh, while cal 27 went up by 1.0% to EUR 59.60/MWh.
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