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VOL 8 | NUM 25 | 24 February 2026
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IBERIA | 16 - 22 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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Slight recovery in Day‑Ahead prices amid lower wind, yet overall levels remain low
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The average price of Day-Ahead Market in Spain reached EUR 20.6/MWh last week, registering a rise of 232.3% compared to the previous week's average (EUR 6.2/MWh). This weekly price was 77% lower than 2024 (EUR 87.7/MWh) and 16% lower than in 2023 (EUR 24.4/MWh).
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YTD average is EUR 50.4/MWh, -51% lower than YTD value in 2024 (EUR 103.5/MWh) and -16% lower than YTD value in 2023 (EUR 59.9/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 -0.6%, reaching 6.46 TWh, compared to the 6.5 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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- Solar PV increased by 7.1 pp, followed by hydro generation (4.2 pp), gas (1.5 pp) and imports (1.1 pp)
- Wind generation dropped by 14.7 pp
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Global renewable energy share decreased from 71.4% to 68.7% 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 again showed a pattern similar to recent weeks, with an unusually high number of near‑zero hours for this time of year. Last week, prices were at or below EUR 0/MWh for 17% of the hours, compared with 26% the previous week. Afternoon and morning peaks were more pronounced, creating strong intraday volatility except on Monday. As in previous weeks, limited interconnection with France and high renewable generation led Portugal and Spain to decouple frequently, especially during solar‑intensive hours.
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The weekly maximum was EUR 135.8/MWh, reached on Tuesday at 6:45 p.m., coupled with France. Minimum price, EUR -1/MWh was reached on Friday several times and on Sunday between at 12:15 p.m. and 12:45 p.m.
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The SWE grid coupling was 22%, higher than recorded the previous week, 8%.
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- Spain-Portugal: 49%
- Spain-France: 35%
- SWE (ES-PT-FR): 22%
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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 20.6/MWh
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Spanish IM
EUR 15.3/MWh
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Portugal DAM
EUR 14.9/MWh
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France DAM
EUR 28.3/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 5.8 GW. Trillo did not generate due to an operational unavailability, and will be back on operation on April 10 after its scheduled maintenance, which will start on March 7
- Hydraulic generation provided night-time peak generation, with relevant baseload generation due to the relevant hydro production . The hourly average production was 9.4 GW
- Gas generation provided an hourly average output of 4.7 GW, with weekly maximum values of 8.9 GW on Thursday at 8 p.m.
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- Wind was the first source of electricity during 38% of the week, followed by hydro (34%) and solar PV (29%)
- Hourly renewable share fluctuated between 46% and 77% of total generation, a higher variation than observed in the previous week (61% and 77%). Wind's maximum share reached 54% of hourly generation, while solar PV's maximum share reached 56%
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Solar and wind generation
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- Wind generation was 1.6 TWh, 37% lower than the previous week
- Solar PV generation was 1.1 TWh, 73.3% 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 2.2/MWh
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Portugal
EUR 3.4/MWh
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Spain
EUR 18.2/MWh
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Portugal
EUR 7.2/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 strengthened as geopolitics dominated market sentiment. Prices started the week steady to slightly lower while investors awaited new rounds of US–Iran talks but firmed from mid‑week as tensions persisted and both countries increased military activity in the region. The market gained further support after the US warned vessels transiting the Strait of Hormuz and signaled limited progress in negotiations. By Friday, Brent hit a 6.5‑month high of USD 72.34/bbl and ended with a 6% weekly increase. Settlement prices rose from USD 68.65/bbl on Monday to USD 71.76/bbl on Friday.
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European gas prices dropped early in the week, with the TTF hitting a one‑month low of EUR 29.26/MWh as milder forecasts, strong LNG availability, and steady Norwegian pipeline flows eased demand and supply concerns. Prices rebounded mid‑week on renewed Middle East tensions, the risk of LNG disruptions through the Strait of Hormuz, and an outage at Norway’s Ormen Lange field. Still, mild weather expectations limited the upside, and EU storage dropped further to 32%, well below last year’s levels. Over the week, settlements moved from EUR 30.90/MWh on Monday to EUR 32.03/MWh on Friday, with Wednesday marking the weekly low.
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European carbon prices were volatile but remained close to multi‑month lows as uncertainty around future ETS reforms continued to weigh on the market. The Dec‑26 contract briefly fell to a nine‑month low of EUR 68.11/t on Monday before recovering later in the week. Speculative net‑long positions fell for a fifth consecutive week to 82.4 Mt, the lowest since September and more than 40 Mt below mid‑January levels. Prices ended the week firmer, supported by improved sentiment and steady auction volumes, with settlements rising from EUR 69.18/t on Monday to EUR 73.78/t on Friday.
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Finally, power futures rose over the past week. Q2 26 closed rising 2.2% at EUR 32.2/MWh, while Q3 26 rose by 4% to EUR 62.2/MWh. Q4 26 rose by 4.1% to EUR 71.3/MWh. For annual contracts, Cal 27 rose by 4.5% to EUR 55.3/MWh, and Cal 28 rose by 3.8% to EUR 54.5/MWh.
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