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VOL 8 | NUM 23 | 10 February 2026
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IBERIA | 2 - 8 February 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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Severe weather and interconnection capacity limitations maintained Iberia's decoupling and led to negative prices
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The average price of Day-Ahead Market in Spain reached EUR 13.2/MWh last week, registering a decrease of -42.6% compared to the previous week's average (EUR 23/MWh). This weekly price was 89% lower than 2024 (EUR 123.6/MWh) and 73% lower than in 2023 (EUR 48.3/MWh).
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YTD average is EUR 62.7/MWh, -40% lower than YTD value in 2024 (EUR 103.8/MWh) and -6% lower than YTD value in 2023 (EUR 67/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 -0.3%, reaching 6.71 TWh, compared to the 6.73 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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- Hydro generation increased by 3.4 pp
- Resulting in share decrease of wind (-3.6 pp)
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Global renewable energy share increased from 68.6% to 69% 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 followed a similar pattern to the previous week, with the Iberian Peninsula once again decoupling from France amid the persistent storms affecting Spain and Portugal, along with international grid connection limitations. Aside from the usual morning and afternoon peaks, Iberian prices remained extremely low, at EUR 5/MWh or below for 67% of the hours. The week also set a new minimum for 2026, marking the lowest price recorded so far this year. As seen previously, Portugal frequently decoupled from Spain during afternoon hours, ending the week with a significantly lower weekly average of EUR 4.6/MWh.
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The weekly maximum was EUR 127.7/MWh, reached on Tuesday at 7:15 p.m., coupled with France. Minimum price, EUR -2.51/MWh was reached on Sunday at 11:45 a.m.
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The SWE grid coupling was 0%, equal to the value recorded the previous week.
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- Spain-Portugal: 46%
- Spain-France: 2%
- SWE (ES-PT-FR): 0%
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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 13.2/MWh
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Spanish IM
EUR 13.3/MWh
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Portugal DAM
EUR 4.6/MWh
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France DAM
EUR 80.6/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 6.7 GW. Trillo stopped generating on Sunday due to an operational unavailability, and will be back on operation on March 7
- Hydraulic generation provided night-time peak generation, with relevant baseload generation. The hourly average production was 9.6 GW
- Gas generation provided an hourly average output of 4.6 GW, with weekly maximum values of 11.3 GW on Tuesday at 8 p.m.
- Interconnections were limited for the second week in a row, around 60% of usual capacity, limiting flexibility and exchanges with neighbors
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- Wind was the first source of electricity during 86% of the week, followed by hydro (7%)
- Hourly renewable share fluctuated between 59% and 74% of total generation, a similar variation than observed in the previous week (58% and 76%). Wind's maximum share reached 46% of hourly generation, while solar PV's maximum share reached 32%
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Solar and wind generation
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- Wind generation was 2.4 TWh, 9.5% lower than the previous week
- Solar PV generation was 0.5 TWh, 8.6% 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 2.8/MWh
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Portugal
EUR 0.8/MWh
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Spain
EUR 15.3/MWh
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Portugal
EUR 4.5/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, prices fell as tensions between the US and Iran eased, leading to a sharp pullback after last week’s highs. Prices dropped on Monday and Tuesday as both sides signaled they were moving toward talks, with a stronger dollar and easing US‑India trade tensions adding further pressure. By Friday, Brent was stabilizing slightly as markets awaited the outcome of the Oman meeting, but the contract still recorded its first weekly decline in seven weeks. Settlements moved from USD 66.30/bbl on Monday to USD 68.05/bbl on Friday, with the weekly high reached on Wednesday at USD 69.46/bbl.
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European gas prices fell at the start of the week as Norwegian flows rose to their highest levels since early January, with TTF briefly dipping to EUR 31.28/MWh, a three‑week low. Easing geopolitical tensions between the US and Iran, milder forecasts, and firm Norwegian supply kept prices under pressure through Tuesday. The market then rebounded mid‑week as colder weather returned and storage levels tightened further. Prices continued climbing into Friday as cold temperatures, low wind and solar output, and stronger heating demand, particularly in Germany, supported the curve, closing at EUR 35.69/MWh on Friday.
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European carbon prices slid to a four‑month low amid renewed pressure to loosen ETS supply and continued volatility. EUAs briefly dropped below EUR 80/t on Monday, touching EUR 79.46/t, their lowest level since November, before rebounding slightly. Speculative investors also reduced their net long position by 8%, bringing it down to 100.6m tons, the lowest in 12 weeks. Selling pressure intensified later in the week, with EUAs hitting an intraday low of EUR 76.20/t on Friday. Over the week, settlements moved from EUR 83.28/t on Monday to EUR 78.73/t on Friday, marking roughly a 6% weekly decline.
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Finally, power futures decreased. Q2 26 closed decreasing 3.4% at EUR 33.6/MWh, while Q3 26 decreased by 2% to EUR 62.2/MWh. Q4 26 decreased by 1.3% to EUR 70.2/MWh. For annual contracts, Cal 27 decreased by 3.3% to EUR 53.4/MWh, and Cal 28 decreased by 2.7% to EUR 53.3/MWh.
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