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VOL 8 | NUM 11 | 18 November 2025
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IBERIA | 10 - 16 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:
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Weekly Day-Ahead market price fell below EUR 50/MWh for the first time since early September
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The average price of Day-Ahead Market in Spain reached EUR 43.3/MWh last week, registering a decrease of -17.5% compared to the previous week's average (EUR 52.5/MWh). This weekly price was 58% lower than 2024 (EUR 102.4/MWh) and 49% lower than in 2023 (EUR 84.9/MWh).
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YTD average is EUR 64/MWh, 14% higher than YTD value in 2024 (EUR 56.3/MWh) and -28% lower than YTD value in 2023 (EUR 89.2/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 increased by 2.8%, reaching 5.84 TWh, compared to the 5.68 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 skyrocketed by 7 pp
- Solar PV decreased by -4 pp, followed by nuclear generation by -2.4 pp
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Global renewable energy share increased from 62.2% to 65.7% 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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Hourly prices were higher on Monday and Tuesday, when hourly maximums were reached. However, from Wednesday onwards, hourly prices averaged lower, influenced by the strong presence of wind generation.
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The weekly maximum was EUR 150/MWh, reached on Monday at 7:45 p.m., coupled with Portugal. Minimum price, EUR 0/MWh was reached on Wednesday between at 11:15 a.m. and 11:45 a.m., and on Sunday between from noon to 1 p.m., coupled with France on Wednesday's low.
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The SWE grid coupling was 59%, higher than recorded the previous week, 51%.
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- Spain-Portugal: 100%
- Spain-France: 59%
- SWE (ES-PT-FR): 59%
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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 41.1/MWh
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Portugal DAM
EUR 43.3/MWh
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France DAM
EUR 31.3/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 4.2 GW. Vandellos was in planned maintenance until December 9, Cofrentes experienced operational unavailability until November 21 and Almaraz 2 had to stop and operate at a limited capacity several times during the week due to a failure
- Hydraulic generation provided night-time peak generation and the hourly average production was 4 GW
- Gas generation provided an hourly average output of 5.1 GW, with weekly maximum values of 12.7 GW on Monday at 8 p.m.
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- Wind was the first source of electricity during 77% of the week, followed by solar PV (14%)
- Hourly renewable share fluctuated between 42% and 76% of total generation, higher than observed in the previous week (38% and 75%). Wind's maximum share reached 64% of hourly generation, while solar PV's maximum share reached 49%
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Solar and wind generation
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- Wind generation was 2.4 TWh, 24% higher than the previous week
- Solar PV generation was 0.6 TWh, 26.1% 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 22.9/MWh
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Portugal
EUR 21.8/MWh
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Spain
EUR 38.6/MWh
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Portugal
EUR 37.3/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, prices fluctuated throughout the week, dropping on renewed concerns of oversupply and weak demand, especially as US travel slumped due to the prolonged government shutdown. After reaching recent highs, prices declined to three-week lows when OPEC reported that global supply outpaced demand, reversing earlier deficit projections. However, prices rebounded sharply following a Ukrainian drone strike on a key Russian oil depot, raising fears of supply disruptions, closing the week at USD 64.39/bbl.
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European gas prices fell to EUR 30.29/MWh, their lowest since May 2024, driven by mild weather and ample supply. EU storage remained high at 82.2%, Norwegian gas flows were steady at 340 mcm/day, and these factors, along with record LNG send outs, continued to keep prices bearish.
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European carbon prices climbed to a nine-month high of EUR 82.79/t, as speculative investors raised their net long positions to a multi-year peak of 97.5 million tons. The market was buoyed by bullish sentiment, colder weather, and the European Parliament’s backing of a 90% emissions reduction target by 2040. Prices remained sensitive to factors like gas market dynamics, weather, and industrial demand, while supply was steady, with 13.7 million EUAs auctioned at an average price of EUR 80.71/t.
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Finally, power futures remained relatively stable. Q1 26 closed rising 0.9% at EUR 64.5/MWh, while Q2 26 rose by 0.7% to EUR 40.3/MWh. Q3 26 decreased by 0.4% to EUR 66.5/MWh. For annual contracts, Cal 26 was equal to the week before, EUR 60.8/MWh, and Cal 27 rose by 1% to EUR 58.9/MWh.
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