|
|
VOL 8 | NUM 24 | 17 February 2026
|
|
|
|
|
|
|
|
IBERIA | 9 - 15 February 2026
|
|
|
|
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 extended downward trend with recurrent negative prices linked with exports to France limitations
|
|
|
|
The average price of Day-Ahead Market in Spain reached EUR 6.2/MWh last week, registering a decrease of -53% compared to the previous week's average (EUR 13.2/MWh). This weekly price was 95% lower than 2024 (EUR 117.6/MWh) and 88% lower than in 2023 (EUR 52.8/MWh).
|
|
YTD average is EUR 54.7/MWh, -48% lower than YTD value in 2024 (EUR 105.8/MWh) and -16% lower than YTD value in 2023 (EUR 65/MWh).
|
|
Annual evolution of the average weekly price of the Spanish Daily Market
|
|
|
|
|
|
|
Generation plus imports in Iberia decreased by -3.1%, reaching 6.5 TWh, compared to the 6.71 TWh recorded the previous week.
|
|
The main changes observed in the energy mix, compared to the previous week, were:
|
- Wind generation increased by 4.5 pp, followed by solar PV (1.7 pp)
- Resulting in share decrease of hydro (-3.8 pp) and nuclear (-1.8 pp)
|
|
Global renewable energy share increased from 69% to 71.4% 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
|
|
|
|
|
|
|
Hourly prices remained very low for most of the week, reflecting strong renewable output and Iberia’s limited interconnection with the rest of Europe. Aside from two notable peaks on Monday, prices stayed at or below EUR 0/MWh for 26% of the hours. As in previous weeks, Portugal regularly decoupled from Spain during solar hours.
|
|
The weekly maximum was EUR 100/MWh, reached on Monday between 7:15 p.m. and 7:30 p.m., coupled with France at 7:30 p.m. Minimum price, EUR -4/MWh was reached on Saturday between at 11:45 a.m. and 4:00 p.m., coupled with Portugal.
|
|
The SWE grid coupling was 8%, higher than recorded the previous week, 0%.
|
- Spain-Portugal: 65%
- Spain-France: 14%
- SWE (ES-PT-FR): 8%
|
|
Weekly evolution of the hourly price of the Day-ahead and Intraday Market (DAM and IM)
|
|
|
|
|
|
|
Spanish DAM
EUR 6.2/MWh
|
|
Spanish IM
EUR 5.1/MWh
|
|
Portugal DAM
EUR 2.2/MWh
|
|
France DAM
EUR 39.6/MWh
|
|
|
|
|
|
Hourly detail of the generation & interconnections in Iberia
|
|
The highlights from last week
|
- The hourly average output of nuclear generation was 5.8 GW. Trillo did not generate 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 due to the storms. The hourly average production was 7.8 GW
- Gas generation provided an hourly average output of 4.2 GW, with weekly maximum values of 6.6 GW on Monday at 8 a.m.
- Interconnection with France continued limited around 60% of its usual capacity, without known explication so far
|
- Wind was the first source of electricity during 88% of the week, followed by solar PV (12%)
- Hourly renewable share fluctuated between 61% and 77% of total generation, a tighter variation than observed in the previous week (59% and 74%). Wind's maximum share reached 53% of hourly generation, while solar PV's maximum share reached 41%
|
|
Solar and wind generation
|
- Wind generation was 2.6 TWh, 9.2% higher than the previous week
- Solar PV generation was 0.6 TWh, 18% 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 0/MWh
|
|
Portugal
EUR -0.7/MWh
|
|
|
|
Spain
EUR 7.9/MWh
|
|
Portugal
EUR 1.9/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, prices eased this week as progress in US–Iran nuclear talks reduced geopolitical tensions and lowered the risk premium built into prices. After opening weaker on Monday, the market saw mixed trading, with brief rebounds mid‑week when the US warned vessels transiting the Strait of Hormuz and signaled possible additional military deployments. Still, prices remained below the multi‑month highs reached in late January, as expectations of oversupply weighed on sentiment. The IEA reinforced this view on Thursday, projecting a sizeable 3.73m bbl/d surplus for 2026. Overall, Brent posted a second consecutive weekly decline, with settlements slipping from USD 69.04/bbl on Monday to USD 67.75/bbl on Friday, and a weekly high of USD 70.72/bbl recorded on Wednesday.
|
|
European gas prices fell early in the week as strong Norwegian pipeline flows, high LNG arrivals and milder weather forecasts eased supply concerns, with geopolitical risks also cooling as US–Iran tensions eased. Prices then recovered mid‑week as traders priced in a colder end to February and EU storage fell to its lowest level since 2022, around 35% full, and only 25% in Germany. Despite broader weakness across energy markets, the colder outlook and worries about slow summer refilling supported TTF through the end of the week. Settlements slipped from EUR 33.50/MWh on Monday to EUR 32.50/MWh on Friday, with a mid‑week low of EUR 31.35/MWh.
|
|
European carbon prices fell sharply this week, dropping to their lowest levels in almost six months after comments from German chancellor Friedrich Merz raised doubts about the future direction of the EU ETS, sending the Dec‑26 contract down to EUR 70.55/t on Friday, levels last seen in August. Investor positioning also weakened: speculative net‑long holdings fell for a third consecutive week to 94 Mt, the lowest in three months and well below the late‑January peak of 126 Mt. Overall, settlements declined from EUR 81.35/t on Monday to EUR 70.68/t on Friday, marking a weekly drop of around 9%.
|
|
Finally, power futures were bearish compared to the previous week. Q2 26 closed decreasing 6.3% at EUR 31.5/MWh, while Q3 26 decreased by 3.9% to EUR 59.8/MWh. Q4 26 decreased by 2.4% to EUR 68.5/MWh. For annual contracts, Cal 27 decreased by 0.9% to EUR 52.9/MWh, and Cal 28 decreased by 1.5% to EUR 52.5/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.
|
|
|
