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VOL 8 | NUM 19 | 13 January 2026
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IBERIA | 5 - 11 January 2026
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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 prices eased despite colder weather, supported by strong wind output
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The average price of Day-Ahead Market in Spain reached EUR 78.5/MWh last week, registering a decrease of -10.8% compared to the previous week's average (EUR 88/MWh). This weekly price was 8% lower than 2024 (EUR 85.2/MWh) and 8% lower than in 2023 (EUR 85.2/MWh).
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YTD average is EUR 83.3/MWh, -16% lower than YTD value in 2024 (EUR 99.6/MWh) and 16% higher than YTD value in 2023 (EUR 72.1/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 17.5%, reaching 6.9 TWh, compared to the 5.87 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 14.4 pp, followed by solar PV (+1.9 pp)
- Resulting in share decrease of all other technologies: hydro (-5.1 pp), gas (-4.6 pp), nuclear (-3.0 pp) and imports (-2.8 pp)
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Global renewable energy share increased from 53.3% to 64.2% 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 showed pronounced volatility, with strong intraday peaks, and a clear break in the pattern on Tuesday due to the national holiday.
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The weekly maximum was EUR 147/MWh, reached on Wednesday at 6:45 p.m., coupled with Portugal and France. Minimum price, EUR 0/MWh was reached on Tuesday between 3:00 p.m. and 3:45 p.m.
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The SWE grid coupling was 39%, higher than recorded the previous week, 35%.
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- Spain-Portugal: 97%
- Spain-France: 39%
- SWE (ES-PT-FR): 39%
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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 78.5/MWh
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Spanish IM
EUR 78.9/MWh
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Portugal DAM
EUR 78.6/MWh
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France DAM
EUR 101.1/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 and pumping the days with stronger wind generation. The hourly average production was 5.8 GW
- Gas generation provided an hourly average output of 5.3 GW, with weekly maximum values of 12.2 GW on Wednesday at 7 p.m.
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- Wind was the first source of electricity during 69% of the week, followed by solar PV (19%) and hydro (12%)
- Hourly renewable share fluctuated between 51% and 74% of total generation, a tighter variation than observed in the previous week (30% and 72%). Wind's maximum share reached 61% 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 2.4 TWh, 97.8% higher than the previous week
- Solar PV generation was 0.9 TWh, 39.1% 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 56.9/MWh
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Portugal
EUR 57.3/MWh
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Spain
EUR 76.6/MWh
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Portugal
EUR 75/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, ended the week higher, recovering from early losses, rising from around USD 61/bbl at the start of the week to above USD 63/bbl on Friday. Prices initially weakened as markets assessed US military action in Venezuela, while the limited share of Venezuelan crude in global supply kept downside moves contained. Later in the week, prices rebounded amid heightened geopolitical tensions involving Iran and Russia, while Opec+’s decision to keep output unchanged supported market sentiment despite ongoing oversupply concerns.
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European gas prices traded in a EUR 27–29/MWh range, driven by changing weather expectations and storage dynamics. Colder conditions early in the week led to higher storage withdrawals, with EU gas storage levels falling to around 57% full, down around five percentage points week on week. Despite forecasts pointing to milder weather later on, lower storage levels helped underpin TTF toward the end of the week, with prices closing near EUR 28.5/MWh.
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European carbon prices moved within a relatively narrow range between EUR 87.05/t and EUR 89.66/t, despite the return of primary auctions after a three‑week break. Prices ended the week at higher levels, closing close to EUR 89.5/t on Friday, after touching EUR 89.66/t, their highest level since November 2023. Investment funds’ net long position stood at almost 115m tons, slightly lower on the week but still well above levels seen at the start of 2025.
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Finally, power futures had a mixed performance. Q2 26 closed rising 6.2% at EUR 41.3/MWh, while Q3 26 rose by 0.7% to EUR 67.5/MWh. Q4 26 rose by 1% to EUR 73.6/MWh. For annual contracts, Cal 27 rose by 2.5% to EUR 62/MWh, and Cal 28 decreased by 2.6% to EUR 52.6/MWh.
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