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VOL 8 | NUM 29 | 24 March 2026
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IBERIA | 16 - 22 March 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
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DNV offers tools for Wholesale Market analysis and operation:
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Day‑Ahead prices eased despite heightened volatility and geopolitical risk
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The average price of Day-Ahead Market in Spain reached EUR 35.3/MWh last week, registering a decrease of -49.6% compared to the previous week's average (EUR 70/MWh). This weekly price was 1% lower than 2024 (EUR 35.6/MWh) and 1% lower than in 2023 (EUR 35.8/MWh).
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YTD average is EUR 49.1/MWh, -47% lower than YTD value in 2024 (EUR 91.8/MWh) and 4% higher than YTD value in 2023 (EUR 47.2/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 -2.7%, reaching 6.07 TWh, compared to the 6.24 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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- Nuclear generation increased by 2.5 pp, followed by wind generation (1.8 pp) and solar PV (1.6 pp)
- Resulting in the decrease of the share of gas (-2.8 pp) and hydro (-1.4 pp)
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Global renewable energy share increased from 67.1% to 68.8% compared to 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 showed pronounced peaks on Monday and Tuesday, followed by lower peaks during the most constrained afternoon hours later in the week. Volatility was particularly high at the start of the week, with prices ranging from floor levels to well above EUR 100/MWh within the same day. With the exception of Friday and Saturday, solar hours frequently recorded zero or negative prices, with even lower values observed in the intraday market. In contrast to previous weeks, coupling with Portugal improved, reducing the level of decoupling between the two markets.
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The weekly maximum was EUR 200/MWh, reached on Monday at 8:30 p.m., coupled with Portugal. Minimum price, EUR -4/MWh was reached on Sunday at 11:45 a.m., coupled with Portugal and France.
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The SWE grid coupling was 51%, higher than recorded the previous week, 29%.
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- Spain-Portugal: 97%
- Spain-France: 53%
- SWE (ES-PT-FR): 51%
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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 35.3/MWh
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Spanish IM
EUR 34.2/MWh
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Portugal DAM
EUR 34.8/MWh
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France DAM
EUR 46.9/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 will be back on operation on April 11 after its scheduled maintenance, which started on March 7. Almaraz 2 reconnected on the afternoon of March 17
- Hydraulic generation provided relevant night-time peak generation, and some pumping in Portugal during solar hours. The hourly average production was 8.5 GW
- Gas generation provided an hourly average output of 4.1 GW, with weekly maximum values of 9.1 GW on Monday at 8 p.m.
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- Hydro was the first source of electricity during 46% of the week, followed by solar PV (38%) and wind (16%)
- Hourly renewable share fluctuated between 56% and 79% of total generation, a tighter variation than observed in the previous week (49% and 80%). Wind's maximum share reached 44% of hourly generation, while solar PV's maximum share reached 62%
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Solar and wind generation
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- Wind generation was 1.2 TWh, 6.7% higher than the previous week
- Solar PV generation was 1.4 TWh, 4.6% 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 6/MWh
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Portugal
EUR 4.7/MWh
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Spain
EUR 38.9/MWh
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Portugal
EUR 34.6/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 ended the week higher amid sustained Middle East supply-risk concerns and renewed disruptions around the Strait of Hormuz. A brief mid‑week pullback on news of potential Iraqi/Kurdish export restarts was outweighed by a sharp escalation on Thursday following strikes on South Pars and retaliatory attacks hitting regional energy assets, including Qatar’s Ras Laffan. Prices softened slightly on Friday on hopes of improved shipping security and potential sanctions flexibility, but the weekly trend remained bullish. Settlements increased from USD 100.21/bbl to USD 112.19/bbl, with a weekly intraday high of USD 119.13/bbl.
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European gas prices strengthened amid elevated geopolitical risk and low storage, as the continuing disruption risk around the Strait of Hormuz kept the market supported. A major upside move came on Thursday after strikes on Qatar’s Ras Laffan LNG facility pushed TTF to an intraday peak of EUR 74/MWh, before easing on Friday. Settlements increased from EUR 50.89/MWh to EUR 59.26/MWh over the week.
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European carbon prices were volatile and policy‑driven. The Dec‑26 contract fell to an 11‑month low of EUR 63.07/t after European Commission proposals to reinforce the Market Stability Reserve (MSR) weighed on sentiment, while speculative net‑long positions dropped to 39 Mt, the lowest since August. Prices rebounded on Friday after renewed Commission support for the ETS, with settlements easing slightly from EUR 69.00/t to EUR 67.66/t over the week.
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Finally, power futures had a mixed performance. Q2 26 closed decreasing 6.1% at EUR 41.6/MWh, while Q3 26 rose by 5.3% to EUR 81.5/MWh. Q4 26 rose by 9.9% to EUR 86.3/MWh. For annual contracts, Cal 27 rose by 2.5% to EUR 57.5/MWh, and Cal 28 decreased by 0.2% to EUR 53.3/MWh.
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