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VOL 8 | NUM 12 | 25 November 2025
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IBERIA | 17 - 23 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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Weekly Day-Ahead Market prices climbed, driven by colder weather and rising demand, with less wind generation
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The average price of Day-Ahead Market in Spain reached EUR 71.7/MWh last week, registering a rise of 65.6% compared to the previous week's average (EUR 43.3/MWh). This weekly price was 23% lower than 2024 (EUR 93.1/MWh) and 3% higher than in 2023 (EUR 69.8/MWh).
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YTD average is EUR 64.2/MWh, 12% higher than YTD value in 2024 (EUR 57.1/MWh) and -28% lower than YTD value in 2023 (EUR 88.8/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 6.8%, reaching 6.24 TWh, compared to the 5.84 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 shrank by 18 pp
- Resulting in share increase of all other technologies: hydro (5.5 pp), solar PV (4.2 pp), gas (3.1 pp), nuclear (1.6 pp) and cogeneration and others (1 pp)
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Global renewable energy share decreased from 65.7% to 60.8% 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 experienced a wide volatility during the week, specially on Friday when maximum and minimum prices where reached. Also on Friday, France set a high of EUR 223.39/MWh and Portugal decoupled from Spain during the afternoon.
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The weekly maximum was EUR 159.7/MWh, reached on Friday between 7:30 p.m. until 8:00 p.m., coupled with Portugal and with France the last quarter. Minimum price, EUR 0/MWh was reached first on Friday from 10:30 a.m. to 11:00 a.m. and on Sunday between at 1:30 a.m. and 3:0 p.m., coupled with Portugal most of the time.
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The SWE grid coupling was 36%, lower than recorded the previous week, 59%.
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- Spain-Portugal: 95%
- Spain-France: 36%
- SWE (ES-PT-FR): 36%
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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 71.7/MWh
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Spanish IM
EUR 70.3/MWh
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Portugal DAM
EUR 72.3/MWh
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France DAM
EUR 87.2/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 5.2 GW. It started the week with an average of 4.5 GW, with Vandellos in planned maintenance until December 9 and Cofrentes and Almaraz with operational unavailabilities. However, by the end of the week these last were solved and hourly output averaged 6 GW
- Hydraulic generation provided night-time peak generation, with some baseload generation. The hourly average production was 6.3 GW
- Gas generation provided an hourly average output of 6.7 GW, with weekly maximum values of 13.8 GW on Friday at 8 p.m.
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- Wind was the first source of electricity during 40% of the week, followed by solar PV (30%) and hydro (20%)
- Hourly renewable share fluctuated between 36% and 73% of total generation, a higher variation than observed in the previous week (42% and 76%). Wind's maximum share reached 53% of hourly generation, while solar PV's maximum share reached 50%
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Solar and wind generation
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- Wind generation was 1.6 TWh, 31.5% lower than the previous week
- Solar PV generation was 0.9 TWh, 50% 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 36.7/MWh
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Portugal
EUR 37.2/MWh
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Spain
EUR 68.7/MWh
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Portugal
EUR 72/MWh
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*The solar / wind price has been calculated as the MD 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, declined steadily throughout the week as oversupply concerns, driven by ongoing OPEC supply increases and weak demand, outweighed geopolitical risks from the Russia-Ukraine conflict. Although there were brief gains linked to fears of supply disruptions and the restart of a key Russian crude depot after an attack, market sentiment remained bearish. Hopes for a Russia-Ukraine peace deal further pressured prices by raising the prospect of expanded Russian exports. The week closed at USD 62.56/bbl, the lowest since October 22.
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European gas prices started the week firm due to cold weather, supply disruptions, and increased Ukrainian imports, reaching two weeks high of EUR 31.99/MWh on Tuesday. Prices then fell midweek as milder forecasts and ample supply eased concerns, and by Friday the benchmark contract hit an 18-month low at EUR 30.13/MWh, pressured by peace talks, strong LNG availability, and expectations of temperatures above seasonal norms.
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European carbon prices traded in a narrow range between EUR 80-82/t throughout the week, as speculative investors ramped up their net long positions in EUAs for the third consecutive week, reaching nearly 102 million allowances, the highest level in at least seven years and likely a record. Despite this bullish investor activity, a lack of strong demand kept prices subdued, with the week’s high at EUR 81.89Tt and the close at EUR 80.41/t. On the supply side, 11.5 million EUAs were auctioned at an average price of EUR 80.57/t.
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Finally, power futures presented a down trend last week. Q1 26 closed decreasing 3.6% at EUR 62.2/MWh, while Q2 26 decreased by 0.2% to EUR 40.2/MWh. Q3 26 decreased by 3% to EUR 64.5/MWh. For annual contracts, Cal 26 decreased by 2% to EUR 59.6/MWh, and Cal 27 decreased by 1.5% to EUR 58/MWh.
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