|
|
VOL 8 | NUM 2 | 16 September 2025
|
|
|
|
|
|
|
|
IBERIA | 8 - 14 September 2025
|
|
|
|
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
|
|
|
|
|
|
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.
|
|
|
|
|
|
|
Day-Ahead Market weekly average price rose, with peaks during hours of peak demand |
|
|
|
The average price of Day-Ahead Market in Spain reached EUR 61.3/MWh last week, registering a rise of 36% compared to the previous week's average (EUR 45.2/MWh). This weekly price was 2% lower than in 2024 (EUR 62.3/MWh) and 41% lower than in 2023 (EUR 103.8/MWh).
|
|
YTD average is EUR 63.4/MWh, 23% higher than YTD value in 2024 (EUR 51.3/MWh) and 30% lower than YTD value in 2023 (EUR 90.6/MWh).
|
|
Annual evolution of the average weekly price of the Spanish Daily Market
|
|
|
|
|
|
|
Generation plus imports in Iberia decreased by 0.5%, reaching 5.83 TWh, compared to the 5.86 TWh recorded the previous week.
|
|
The main changes observed in the energy mix, compared to the previous week, were:
|
- Increase in hydro generation by 1.9 pp, followed by solar PV (+1 pp)
- A drop in wind generation by -3.5 pp
|
|
Global renewable energy share slightly decreased from 58.4% to 57.9% since the previous week.
|
|
Generation Mix Iberia
|
|
|
|
|
Variation Iberia
|
|
|
|
|
|
Nuclear
|
|
Cogeneration
|
|
Renewable thermal
|
|
Coal
|
|
Combined cycle
|
|
|
Hydraulic
|
|
Wind
|
|
Solar PV
|
|
Solar thermal
|
|
Imports
|
|
|
|
Power range by energy sources vs demand Iberia
|
|
|
|
|
|
Spanish DAM prices showed a fairly volatile profile throughout the week, similar to the previous week, with prices continuing to fall to minimum values during daylight hours but then rising rapidly at morning and afternoon peaks. The weekly maximum was EUR 143.1/MWh, reached on Friday at 7 a.m. The minimum price, EUR -0.01/MWh, was repeated several times during the daytime hours on Wednesday and Thursday. |
|
Spanish prices decoupled from Portuguese prices during daylight hours on Thursday and Friday, while France maintained a lower coupling rate with the Peninsula, with generally lower prices, as the French DAM price was EUR 26.4/MWh.
|
|
The SWE grid coupling was 27%, lower compared to the value recorded the previous week, 31%.
|
- Spain-Portugal: 90%
- Spain-France: 35%
- SWE (ES-PT-FR): 27%
|
|
Weekly evolution of the hourly price of the Day-ahead and Intraday Market (DAM and IM)
|
|
|
|
|
|
|
Spanish DAM
EUR 61.3/MWh
|
|
Spanish IM
EUR 70.3/MWh
|
|
Portugal DAM
EUR 61.4/MWh
|
|
France DAM
EUR 26.4/MWh
|
|
|
|
|
|
Hourly detail of the generation & interconnections in Iberia
|
|
The highlights from last week
|
- The hourly average output of nuclear generation was 6.5 GW, as Cofrentes plant lowered its production due to an operational unavailability. Additionally, it will start its planned maintenance on September 19 until October 26
- Hydraulic generation provided night-time peak generation. The hourly average production was 3.9 GW. Large pumping during day-time was present alongside the week in Spain and Portugal, specially over the weekend
- Gas generation provided an hourly average output of 4.7 GW and relevant baseload, with weekly maximum values of 9.6 GW on Friday at 9 p.m.
|
- Solar PV was the first source of electricity during 42% of the week, followed by wind (27%) and hydro (18%)
- Hourly renewable share fluctuated between 40% and 72% of total generation, consistent with values observed in the previous week (42% and 70%). Wind's maximum share reached 37% of hourly generation, while solar PV's maximum share reached 58%
|
|
Solar and wind generation
|
- Wind generation was 1.1 TWh, 16% lower than the previous week
- Solar generation was TWh, 2% higher than the previous week
|
|
Generation by technology Iberia
|
|
|
|
|
|
|
Interconnections by country, from Spain
|
|
|
|
|
|
|
Hourly wind & solar generation
|
|
|
|
|
|
Solar PV Price
|
Wind Price
|
|
|
|
|
|
Spain
EUR 21.2/MWh
|
|
Portugal
EUR 19.7/MWh
|
|
|
|
Spain
EUR 64.4/MWh
|
|
Portugal
EUR 64.4/MWh
|
|
|
|
|
|
*The solar / wind price has been calculated as the DA price weighted by the solar / wind generation of the peninsula.
|
|
|
|
|
Futures Market & Commodities
|
|
On the oil market, fluctuated due to OPEC+ production decisions and escalating geopolitical tensions, involving Russia, Ukraine, and the Middle East. Oil prices surged 2% to settle at USD 67.49/bbl on Wednesday after OPEC+ agreed to a modest production hike of 137,000 barrels per day, significantly lower than previous monthly increases. Rising geopolitical risks, including Israel’s strikes in Qatar and Middle East instability, contributed to oil prices maintaining gains over several trading sessions, despite the absence of direct impacts on oil flows. Towards the end of the week, oil prices eased as expanding global supply and worries about slowing US demand overshadowed geopolitical uncertainties.
|
|
European gas prices briefly hit EUR 33.44/MWh on Wednesday, the highest since 27 August, due to concerns over Middle Eastern and European geopolitical tensions impacting energy supplies. However, prices later eased as supply remained strong and risks diminished. LNG send out reached a five-year high of 363 mcm/day, while EU gas inventories were at 79.9%..
|
|
European carbon prices hit EUR 77.58/t on Wednesday, the highest since 17 February, before falling 2% the next day to EUR 75.77/t on the Dec 25 EUA contract. The rise is attributed to last-minute compliance buying ahead of an end-of-month deadline. Meanwhile, speculative investors increased their net long position in EUAs by 71% last week to 54.2 million, the highest level since mid-February.
|
|
Finally, power futures remained relatively stable. Q4 25 closed unchanged at EUR 73.33/MWh, while Q1 26 increased by 0.5% to EUR 66.2/MWh. Q2 26 decreased by 1.7%, closing at EUR 40.2/MWh. For annual contracts, cal 26 rose by 0.2% to EUR 61.7/MWh, and cal 2027 declined by 0.3% to EUR 59.44/MWh.
|
Why you are receiving this email
|
You are receiving this email because you are subscribed to our Power Markets Weekly report - IBERIA. If you no longer wish to receive this report, or if you would like to subscribe to other regional reports, you can manage your subscription using the button on the right.
|
|
|
|
DNV, Calle Santa Maria Magdalena 14, 28016 Madrid
|
|
|
|
|
This e-mail and any attachments thereto may contain confidential information and/or information protected by intellectual property rights for the exclusive attention of the intended addressees named above. If you have received this transmission in error, please immediately notify the sender by return e-mail and delete this message and its attachments. Unauthorized use, copying or further full or partial distribution of this e-mail or its contents is prohibited.
|
Your
data appears in a file under the responsibility of DNV Maritime and Energy, S.L.U. - NIF: 82800798 Postal address: Calle Santa Maria Magdalena, 14 - Planta 2, 28016, Madrid, E-mail: power-markets-weekly@dnv.com. On behalf of the company we treat the information you provide us with in order to send you market information, information related to our services and invitations to events. The data provided will be kept as long as you do not request the cessation of the activity. The data will not be transferred to third parties except in cases where there is a legal obligation. You have the right to obtain confirmation on whether in DNV GL Services Spain S.L. we are treating your personal data so you have the right to access your personal data, rectify inaccurate data or request its deletion when the data is no longer necessary.
|
DNV GL Services Spain S.L. publishes this weekly report using public information from OMIE, REE y MEFF. This document is for information purposes only. Its partial or total reproduction is authorized while mentioning its source as DNV. Opinions herein expressed are proprietary.
|
|
|
