|
|
VOL 8 | NUM 28 | 17 March 2026
|
|
|
|
|
|
|
|
IBERIA | 9 - 15 March 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 prices rose overall, despite a downward shift late in the week
|
|
|
|
The average price of Day-Ahead Market in Spain reached EUR 70/MWh last week, registering a rise of 23.2% compared to the previous week's average (EUR 56.8/MWh). This weekly price was 13% lower than 2024 (EUR 80.3/MWh) and 111% higher than in 2023 (EUR 33.2/MWh).
|
|
YTD average is EUR 50.4/MWh, -48% lower than YTD value in 2024 (EUR 96.9/MWh) and 4% higher than YTD value in 2023 (EUR 48.3/MWh).
|
|
Annual evolution of the average weekly price of the Spanish Daily Market
|
|
|
|
|
|
|
Generation plus imports in Iberia decreased by -1.6%, reaching 6.24 TWh, compared to the 6.34 TWh recorded the previous week.
|
|
The main changes observed in the energy mix, compared to the previous week, were:
|
- Solar PV increased by 5.6 pp, followed by nuclear (1.7 pp)
- Wind and hydro generation decreased their share by 4.8 pp and 4.4 pp, respectively
|
|
Global renewable energy share decreased from 70.1% to 67.1% 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 were higher at the start of the week due to increased gas-fired generation, before moving sharply lower as renewable output rose, pushing several hours to zero or negative. Intraday volatility remained elevated, except over the weekend when prices were more stable and generally low. France decoupled from Iberia for most weekend hours, consistently posting higher prices, while Portugal and Spain continued to diverge during solar hours.
|
|
The weekly maximum was EUR 250/MWh, reached on Tuesday between 8:15 p.m. and 9:15 p.m. and on Wednesday between 8:15 p.m. and 8:30 p.m. Minimum price, EUR -2.1/MWh was reached on Sunday between 11:00 a.m. and 4:45 p.m., coupled with Portugal.
|
|
The SWE grid coupling was 29%, lower than recorded the previous week, 53%.
|
- Spain-Portugal: 83%
- Spain-France: 38%
- SWE (ES-PT-FR): 29%
|
|
Weekly evolution of the hourly price of the Day-ahead and Intraday Market (DAM and IM)
|
|
|
|
|
|
|
Spanish DAM
EUR 70/MWh
|
|
Spanish IM
EUR 65/MWh
|
|
Portugal DAM
EUR 67.9/MWh
|
|
France DAM
EUR 80.8/MWh
|
|
|
|
|
|
Hourly detail of the generation & interconnections in Iberia
|
|
The highlights from last week
|
- The hourly average output of nuclear generation was 5.0 GW. Trillo will be back on operation on April 11 after its scheduled maintenance, which started on March 7. Almaraz 2 stopped on March 3 and will remain offline until March 17 due to an operational unavailability
- Hydraulic generation provided night-time peak generation, with relevant baseload generation during the first half of the week. The hourly average production was 9.2 GW
- Gas generation provided an hourly average output of 5.3 GW, with weekly maximum values of 13.2 GW on Wednesday at 8 p.m.
|
- Hydro was the first source of electricity during 44% of the week, followed by solar PV (33%) and gas (23%)
- Hourly renewable share fluctuated between 49% and 80% of total generation, a wider variation than observed in the previous week (55% and 80%). Wind's maximum share reached 52% of hourly generation, while solar PV's maximum share reached 63%
|
|
Solar and wind generation
|
- Wind generation was 1.1 TWh, 22.3% lower than the previous week
- Solar PV generation was 1.3 TWh, 34.2% 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 34.2/MWh
|
|
Portugal
EUR 36.6/MWh
|
|
|
|
Spain
EUR 45.1/MWh
|
|
Portugal
EUR 53/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 were extremely volatile as the US–Iran war intensified and crude flows through the Strait of Hormuz remained largely halted. Prices briefly hit USD 119.5/bbl on Monday, the highest since 2022, before partially easing on talk of a possible quick end to the conflict and a potential easing of Russian sanctions. Mid‑week, expectations of a record 400 mb IEA reserve release helped stabilize the market, but renewed tanker strikes and export terminal shutdowns pushed prices up again on Thursday. Despite a small dip on Friday after the US granted a temporary waiver for Russian oil already at sea, Brent still posted a strong weekly gain, with settlements rising from USD 98.96/bbl on Monday to USD 103.14/bbl on Friday.
|
|
European gas prices were highly volatile as well. On Monday, the TTF front month spiked intraday to EUR 69.50/MWh (a three‑year high) on fears around halted Qatari LNG output and the effective closure of the Strait of Hormuz. Prices then fell about 13% on Tuesday as hopes grew for a swift de‑escalation, before rebounding mid‑week on reports of vessels struck in the strait and broader conflict risk. Gains held into Thursday and Friday, capped by expectations of mild weather and lower demand, while EU storage sat at 29.2%. Over the week, settlements moved from EUR 56.45/MWh on Monday to EUR 50.12/MWh on Friday.
|
|
European carbon prices continued to weaken last week, reaching their lowest levels in ten months amid renewed uncertainty over future ETS reforms. Media reports suggesting the European Commission may consider loosening carbon‑market rules triggered a sell‑off, with the Dec‑26 contract falling to EUR 67.60/t on Friday, its lowest since last May. Investor positioning also softened further: speculative net‑long holdings declined for a sixth straight week to 52.4 Mt, the lowest since August and down more than 73 Mt from the mid‑January peak. Despite some intraday rebounds, EUAs remained under pressure, with settlements slipping from EUR 70.90/t on Monday to EUR 69.16/t on Friday. Weekly auction volumes totaled 9.2 Mt at an average price of EUR 69.32/t.
|
|
Finally, power futures had a mixed performance. Q2 26 closed decreasing 7.1% at EUR 44.3/MWh, while Q3 26 rose by 5.3% to EUR 77.4/MWh. Q4 26 rose by 0.1% to EUR 78.5/MWh. For annual contracts, Cal 27 decreased by 1.8% to EUR 56.1/MWh, and Cal 28 decreased by 2.9% to EUR 53.4/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.
|
|
|
