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VOL 8 | NUM 15 | 16 December 2025
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IBERIA | 8 - 14 December 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 Market hit a 6-week high on low renewables
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The average price of Day-Ahead Market in Spain reached EUR 81.8/MWh last week, registering a rise of 26.8% compared to the previous week's average (EUR 64.5/MWh). This weekly price was 34% lower than 2024 (EUR 123.2/MWh) and 15% higher than in 2023 (EUR 71.3/MWh).
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YTD average is EUR 64.7/MWh, 7% higher than YTD value in 2024 (EUR 60.7/MWh) and -27% lower than YTD value in 2023 (EUR 88.2/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 -4.4%, reaching 6.11 TWh, compared to the 6.39 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 dropped by 15 pp
- The following technologies increased their share: hydro (+5.9 pp), imports (+4.1 pp), gas (+2.6 pp) and solar PV (+1 pp)
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Global renewable energy share decreased from 59.7% to 51.7% 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 volatile midweek, peaking above EUR 120/MWh on Tuesday and Wednesday, while overnight lows stayed near EUR 20–30/MWh. From Thursday onward, fluctuations narrowed, and the weekend showed smoother profiles around EUR 60–80/MWh, reflecting lower demand and steadier renewables. These patterns were mainly driven by variations in wind output and demand ramps, with carbon price strength also supporting higher levels later in the week.
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The weekly maximum was EUR 145/MWh, reached on Tuesday at 9:00 p.m., coupled with Portugal. Minimum price, EUR 5.76/MWh was reached also on Tuesday at 11:45 a.m., coupled with Portugal.
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The SWE grid coupling was 31%, lower than recorded the previous week, 51%.
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- Spain-Portugal: 100%
- Spain-France: 31%
- 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 81.8/MWh
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Spanish IM
EUR 78.7/MWh
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Portugal DAM
EUR 81.8/MWh
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France DAM
EUR 62.9/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 6.0 GW, with Vandellos except to start operating on December 9, but extended its operational unavailability until December 20
- Hydraulic generation provided night-time peak generation, with relevant baseload generation. The hourly average production was 7.1 GW
- Gas generation provided an hourly average output of 6.9 GW, with weekly maximum values of 14.8 GW on Wednesday at 6 p.m.
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- Hydro was the first source of electricity during 35% of the week, followed by wind (30%) and solar PV (18%)
- Hourly renewable share fluctuated between 38% and 69% of total generation, a similar variation than observed in the previous week (36% and 70%). Wind's maximum share reached 44% of hourly generation, while solar PV's maximum share reached 47%
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Solar and wind generation
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- Wind generation was 1.2 TWh, 45.7% lower than the previous week
- Solar PV generation was 0.6 TWh, 6.5% 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 60.6/MWh
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Portugal
EUR 65.4/MWh
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Spain
EUR 79/MWh
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Portugal
EUR 72.3/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, prices fell 3.5% over the week, closing at USD 61.12/bbl on Friday, the lowest level since late October. The market was driven by a mix of geopolitical and fundamental factors: early optimism faded as Russia-Ukraine peace talks stalled, while the US seizure of a Venezuelan tanker briefly added volatility. However, bearish fundamentals dominated, with Iraqi production resuming at the West Qurna 2 field and US output hitting record highs, reinforcing oversupply concerns. Brent touched a seven-week low of USD 60.77/bbl on Thursday, before a modest rebound on Friday amid renewed geopolitical risk.
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European gas prices hovered near 20-month lows last week, with the TTF front-month hitting EUR 26.53/MWh on Thursday amid mild weather, strong LNG inflows, and stable Norwegian supply. Early gains from reduced wind output faded as bearish fundamentals dominated, while storage remained at 71.3% and global LNG oversupply loomed. Prices recovered slightly on Friday, supported by higher carbon prices, closing at EUR 27.68/MWh, still down about 3% week-on-week.
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European carbon prices climbed to their highest level in 10 months last week, supported by strong speculative buying and the expiry of the Dec-25 options contract. The benchmark EUA contract settled at EUR 83.79/t on Friday, up from EUR 81.98/t on Monday, after hitting a weekly high of EUR 84.40/t on Thursday. Investment funds extended their net long positions to 113.3m tons, marking a fourth consecutive week above 100m tons. Bullish momentum was reinforced by record long positions and expectations of tighter supply during the upcoming auction break, with the last auction of the year scheduled for 15 December before resuming in January.
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Finally, power futures slightly increased. Q1 26 closed rising 1.4% at EUR 58.8/MWh, while Q2 26 rose by 3.6% to EUR 37.2/MWh. Q3 26 rose by 0.5% to EUR 61.3/MWh. For annual contracts, Cal 26 rose by 0.9% to EUR 56.4/MWh, and Cal 27 kept the same value from the previous week, EUR 55/MWh.
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