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VOL 8 | NUM 17 | 30 December 2025
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Power Markets Weekly 
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IBERIA | 22 - 28 December 2025
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Dear weekly subscribers, cheers to 2026! May your year have more sunshine than Extremadura in July, more wind than a February storm, and may the only blackout you see be the one after New Year’s fireworks.
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 stabilized around EUR 70/MWh over Christmas week
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The average weekly price of Day-Ahead Market in Spain reached EUR 69.4/MWh last week, registering a decrease of -20.1% compared to the previous week's average (EUR 86.9/MWh). This weekly price was 36% lower than 2024 (EUR 108.3/MWh) and 9% lower than in 2023 (EUR 76.6/MWh).
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YTD average is EUR 65.2/MWh, 4% higher than YTD value in 2024 (EUR 62.4/MWh) and -25% lower than YTD value in 2023 (EUR 87.5/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 -4.1%, reaching 6.03 TWh, compared to the 6.29 TWh recorded the previous week. This decrease was due to the start of the Christmas period, with holiday on December 25.
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The main changes observed in the energy mix, compared to the previous week, were:
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- Increase of wind generation by 3.7 pp, followed by nuclear (2.7 pp) and solar PV (2.7 pp)
- Resulting in share decrease of gas generation and imports by -4.6 pp and -3.6 pp, respectively
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Global renewable energy share increased from 51.9% to 58.5% 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 eased notably on Wednesday and Thursday, driven by lower demand around the Christmas holidays, with both markets falling to their weekly lows. For the rest of the week, Spain traded between EUR 60–80/MWh in off‑peak hours and up to around EUR 100/MWh on afternoon peaks.
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The weekly maximum was EUR 119.8/MWh, reached on Friday at 9:00 p.m., coupled with Portugal. Minimum price, EUR 9.69/MWh was reached on Thursday at 4:15 p.m., coupled with Portugal and France.
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The SWE grid coupling was 77%, higher than recorded the previous week, 42%.
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- Spain-Portugal: 100%
- Spain-France: 77%
- SWE (ES-PT-FR): 77%
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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 69.4/MWh
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Spanish IM
EUR 69.6/MWh
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Portugal DAM
EUR 69.4/MWh
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France DAM
EUR 69.4/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 7.1 GW, with all the nuclear fleet operating
- Hydraulic generation provided night-time peak generation, with relevant baseload generation. The hourly average production was 7.5 GW
- Gas generation provided an hourly average output of 5.3 GW, with weekly maximum values of 10.2 GW on Friday at 7 p.m.
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- Wind was the first source of electricity during 48% of the week, followed by hydro (27%) and solar PV (21%)
- Hourly renewable share fluctuated between 41% and 73% of total generation, with upper bounds compared to the ones observed in the previous week (33% and 71%). Both wind's and solar PV's maximum share reached 45% of hourly generation
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Solar and wind generation
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- Wind generation was 1.5 TWh, 13% higher than the previous week
- Solar PV generation was 0.7 TWh, 26.7% 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 61.9/MWh
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Portugal
EUR 62.8/MWh
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Spain
EUR 66/MWh
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Portugal
EUR 67.6/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 traded slightly lower over the Christmas week, closing at USD 60.64/bbl, down from a Tuesday high of USD 62.73/bbl. Early gains driven by renewed US–Venezuela tensions faded as bearish fundamentals resurfaced, with markets focused on persistent oversupply and weak demand into the new year. Despite intermittent geopolitical support, the benchmark remained range‑bound and pressured by expectations of a continued global surplus.
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European gas prices stayed range bound over the Christmas week, inching up from EUR 27.69/MWh to EUR 28.10/MWh amid weak seasonal demand and generally comfortable supply. Storage levels continued to soften, with EU inventories near 64–67% and German stocks at 61%, well below last year and keeping some security of supply concerns in play. Cooler weather forecasts and slightly lower Algerian flows added mild support, but overall the market remained stable with Ukraine related risks still the main wildcard.
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European carbon prices remained well supported over the Christmas week, driven by the ongoing auction pause and thin holiday liquidity. The benchmark contract climbed to a fresh 28 month high of EUR 88.88/t on Tuesday. With no primary auctions until 7 January and many traders off for the winter break, volumes were low. EUAs ended the week at EUR 88.01/t, holding close to their recent highs.
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Finally, power futures had a mixed performance. Q1 26 closed rising 1.7% at EUR 59.7/MWh, while Q2 26 decreased by 1.3% to EUR 37.8/MWh. Q3 26 decreased by 1.5% to EUR 61.1/MWh. For annual contracts, Cal 26 decreased by 0.4% to EUR 56.4/MWh, and Cal 27 decreased by 0.9% to EUR 54.5/MWh.
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