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VOL 8 | NUM 10 | 11 November 2025
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IBERIA | 3 - 9 November 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 prices fell to EUR 52.5/MWh, supported by rising wind output
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The average price of Day-Ahead Market in Spain reached EUR 52.5/MWh last week, registering a decrease of -30.2% compared to the previous week's average (EUR 75.2/MWh). This weekly price was 52% lower than 2024 (EUR 110.5/MWh) and 8% lower than in 2023 (EUR 57.1/MWh).
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YTD average is EUR 64.4/MWh, 16% higher than YTD value in 2024 (EUR 55.3/MWh) and -28% lower than YTD value in 2023 (EUR 89.3/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 3.1%, reaching 5.68 TWh, compared to the 5.51 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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- Wind generation share increased its share by 8.5 pp
- Resulting in share decrease of gas by -6 pp and imports by -2.3 pp
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Global renewable energy share increased from 53.3% to 62.2% 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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Prices fell during daylight hours on almost every day except Friday, when they remained higher. On Thursday and Saturday, there were a few hours when Portugal decoupled from Spain.
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The weekly maximum was EUR 157.2/MWh, reached on Monday at 20:00 p.m., coupled with Portugal. Minimum price, EUR -0.45/MWh was reached on Saturday at 12:15 p.m.
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The SWE grid coupling was 51%, higher than recorded the previous week, 19%.
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- Spain-Portugal: 91%
- Spain-France: 52%
- SWE (ES-PT-FR): 51%
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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 52.5/MWh
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Spanish IM
EUR 55.6/MWh
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Portugal DAM
EUR 53.2/MWh
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France DAM
EUR 47.7/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 4.9 GW. Almaraz 2 and Vandellos were in planned maintenance (until November 8 and December 12 respectively). Cofrentes had a failure on Sunday and had to reduce production on Sunday afternoon
- Hydraulic generation provided night-time peak generation. The hourly average production was 3.6 GW. Large pumping during daytime was present alongside the week, except for Friday
- Gas generation provided an hourly average output of 5.1 GW, with weekly maximum values of 10.3 GW on Monday at 7 p.m.
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- Wind was the first source of electricity during 69% of the week, followed by solar PV (19%)
- Hourly renewable share fluctuated between 38% and 75% of total generation, a tighter variation than observed in the previous week (31% and 71%). Wind's maximum share reached 62% of hourly generation, while solar PV's maximum share reached 57%
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Solar and wind generation
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- Wind generation was 1.9 TWh, 37.4% higher than the previous week
- Solar PV generation was 0.8 TWh, 5.2% 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 20.7/MWh
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Portugal
EUR 21.1/MWh
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Spain
EUR 48.5/MWh
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Portugal
EUR 48/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, Brent crude fell 2% over the week, hitting a new low of USD 62.84/bbl on Thursday—the lowest since October 22. Opec+ announced it will pause planned production increases in Q1 next year, after previously agreeing to a December output rise of 137,000bbl/day. US and non-Opec countries have also raised oil production to record levels, creating expectations of surplus supply that have pressured prices for three straight months. Traders are monitoring the effect of recent US sanctions on Russian producers Lukoil and Rosneft.
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European gas prices decreased, reaching a one-week low of EUR 31.095/MWh on Friday, in response to forecasts for mild temperatures and generally bearish market fundamentals. In October, LNG imports to EU-27 countries and the UK increased by 22% from the previous month, reaching a seven-month high of 10.12 million tons (13.8 bcm). European storage sites were recently reported to be at 83% capacity.
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European carbon prices hit a nine-month high at EUR 82.41/t on Tuesday due to tighter gas and LNG supplies and news of planned German industrial electricity subsidies. However, prices fell as warmer weather was forecast, gas prices dropped, and diluted EU climate targets undermined policy confidence. Meanwhile, 11.5 million EUAs were auctioned at an average of EUR 80.10/t, and investment funds increased their net long position to 96.5 million EUAs by last Friday.
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Finally, power futures were very stable, with almost no changes. Q1 26 dropped 0.31% to EUR 63.9/MWh, while Q2 26 edged up 0.25% to EUR 40.0/MWh, and Q3 26 slid by 0.15% to EUR 66.8/MWh. Cal 26 decreased 0.49% to EUR 60.8/MWh, and cal 27 had no changes and settled at EUR 58.3/MWh.
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