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VOL 8 | NUM 13 | 2 December 2025
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IBERIA | 24 - 30 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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Wind surge brings early-week price lows, before weekend rebound
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The average price of Day-Ahead Market in Spain reached EUR 71.6/MWh last week, registering a decrease of -0.1% compared to the previous week's average (EUR 71.7/MWh). This weekly price was 42% lower than 2024 (EUR 124.5/MWh) and 24% lower than in 2023 (EUR 94/MWh).
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YTD average is EUR 64.3/MWh, 10% higher than YTD value in 2024 (EUR 58.5/MWh) and -28% lower than YTD value in 2023 (EUR 88.9/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 increased by 2.6%, reaching 6.4 TWh, compared to the 6.24 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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- Nuclear generation increased by 2.0 pp, followed by wind generation (1.3 pp)
- Resulting in share decrease of solar PV (-1.9 pp) and hydro (-1.5 pp)
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Global renewable energy share decreased from 60.8% to 58.6% 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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Last week, electricity prices were higher on the weekend than on weekdays, following increased wind generation. From Monday to Wednesday, midday prices dropped to around 0 EUR/MWh, but this trend did not continue later in the week. On Wednesday, Portugal’s prices diverged from Spain’s around midday, and France consistently showed higher prices than the Iberian Peninsula.
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The weekly maximum was EUR 170/MWh, reached on Thursday at 9:00 p.m., coupled with Portugal. Minimum price, EUR 0.65/MWh was reached on Tuesday between at 1:30 p.m. and 2:15 p.m., coupled with Portugal as well.
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The SWE grid coupling was 44%, higher than recorded the previous week, 36%.
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- Spain-Portugal: 97%
- Spain-France: 44%
- SWE (ES-PT-FR): 44%
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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 71.6/MWh
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Spanish IM
EUR 68.2/MWh
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Portugal DAM
EUR 72.2/MWh
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France DAM
EUR 79.8/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 6.1 GW, with Vandellos under planned maintenance until December 9
- Hydraulic generation provided night-time peak generation, with some baseload generation. The hourly average production was 5.9 GW
- Gas generation provided an hourly average output of 6.7 GW, with weekly maximum values of 14.1 GW on Friday at 7 p.m.
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- Wind was the first source of electricity during 45% of the week, followed by hydro (26%) and solar PV (24%)
- Hourly renewable share fluctuated between 37% and 72% of total generation, a similar variation than observed in the previous week (36% and 73%). Wind's maximum share reached 62% of hourly generation, while solar PV's maximum share reached 52%
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Solar and wind generation
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- Wind generation was 1.8 TWh, 7.7% higher than the previous week
- Solar PV generation was 0.8 TWh, 10.3% 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 47.4/MWh
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Portugal
EUR 48.6/MWh
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Spain
EUR 63.6/MWh
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Portugal
EUR 59.1/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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Brent crude ended the week at USD 62.32/bbl, up slightly from the start. Prices were volatile, with early gains on supply concerns giving way to declines as hopes for a Russia-Ukraine peace deal raised the prospect of lifted sanctions and increased Russian exports. OPEC+ continued to add supply, and the IEA warned of a potential surplus next year. Despite the weekly gain, Brent marked its fourth consecutive monthly loss, reflecting persistent oversupply fears.
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European gas prices dropped to an 18-month low this week, closing at EUR 28.66/MWh, as ample LNG supply, strong Algerian flows, and forecasts for mild weather across Europe, especially in Germany, combined with hopes for a Russia-Ukraine peace deal to fuel bearish sentiment, resulting in a weekly loss of over 3% despite storage levels being lower than last year.
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European carbon prices closed the week at EUR 83.10/t, after reaching a fresh nine-month high of EUR 83.32/t on Friday. Although speculative investors’ net long positions fell for the first time in four weeks, overall investment fund interest remained strong, with net longs still exceeding 101 million EUAs. Prices fluctuated within the EUR 80–83/t range, occasionally diverging from the TTF gas trend, which continued downward. Nearly 13.7 million EUAs were auctioned this week at an average price of EUR 81.26/t, reflecting ongoing volatility and partial correlation with the gas market.
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Finally, power futures decreased. Q1 26 closed decreasing 4.8% at EUR 59.2/MWh, while Q2 26 decreased by 3.5% to EUR 38.8/MWh. Q3 26 decreased by 5.7% to EUR 60.8/MWh. For annual contracts, Cal 26 decreased by 4.9% to EUR 56.7/MWh, and Cal 27 decreased by 2.9% to EUR 56.3/MWh.
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