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VOL 8 | NUM 30 | 31 March 2026
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IBERIA | 23 - 29 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
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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Day‑Ahead Market price eased on the back of high renewable generation
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The average price of Day-Ahead Market in Spain reached EUR 17.8/MWh last week, registering a decrease of -49.6% compared to the previous week's average (EUR 35.3/MWh). This weekly price was 42% lower than 2024 (EUR 30.8/MWh) and 238% higher than in 2023 (EUR 5.3/MWh).
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YTD average is EUR 46.7/MWh, -46% lower than YTD value in 2024 (EUR 87.1/MWh) and 6% higher than YTD value in 2023 (EUR 44/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 increased by 2.3%, reaching 6.21 TWh, compared to the 6.07 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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- Increase in wind generation by 6.7 pp, followed by solar PV (2.3 pp) and solar thermal (1.0 pp)
- Decrease of hydro generation by 7.9 pp
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Global renewable energy share increased from 68.8% to 70.7% 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 remained low throughout the week, with the Iberian Peninsula decoupling from France. From Thursday onwards, France consistently registered higher prices, while Spain and Portugal hovered close to EUR 0/MWh for most hours. Negative prices were recorded every day in both Iberian markets, mainly concentrated between midday and early afternoon.
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The weekly maximum was EUR 156.8/MWh, reached on Monday at 8:15 p.m., coupled with Portugal and France. Minimum price, EUR -10/MWh was reached on Sunday between at 3:30 p.m. and 4:30 p.m., coupled with Portugal.
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The SWE grid coupling was 10%, lower than recorded the previous week, 51%.
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- Spain-Portugal: 98%
- Spain-France: 11%
- SWE (ES-PT-FR): 10%
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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 17.8/MWh
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Spanish IM
EUR 15.3/MWh
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Portugal DAM
EUR 17.7/MWh
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France DAM
EUR 64.8/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, and Almaraz started its scheduled maintenance on Saturday and will remain offline until May 5
- Hydraulic generation provided night-time peak generation, and relevant pumping both in Spain and Portugal during solar hours. The hourly average production was 5.7 GW
- Gas generation provided an hourly average output of 4.0 GW, with weekly maximum values of 9.8 GW on Tuesday at 8 p.m.
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- Solar PV was the first source of electricity during 41% of the week, followed by wind (40%) and hydro (18%)
- Hourly renewable share fluctuated between 53% and 77% of total generation, a similar variation than observed in the previous week (56% and 79%). Wind's maximum share reached 54% of hourly generation, while solar PV's maximum share reached 64%
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Solar and wind generation
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- Wind generation was 1.7 TWh, 36.8% higher than the previous week
- Solar PV generation was 1.5 TWh, 12.5% 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 1.1/MWh
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Portugal
EUR 0.6/MWh
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Spain
EUR 16/MWh
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Portugal
EUR 12.8/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 continued to be extremely volatile. Prices spiked early on Monday on continued supply‑risk fears, with Brent briefly reaching USD 114.43/bbl before plunging to USD 96/bbl after US President announced a temporary pause in strikes on Iranian energy infrastructure. Sentiment improved mid‑week as hopes for a ceasefire gained traction, but optimism faded again as Iran signaled it was not ready to negotiate, re‑injecting geopolitical risk premia. By Friday, prices were supported by renewed escalation concerns. Overall, settlements increased from USD 99.94/bbl on Monday to USD 112.57/bbl in Friday, with Friday registering the weekly high settlement at USD 114.88/bbl.
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European gas prices were highly volatile but ended the week lower, as geopolitical risk premia linked to the Middle East were partially unwound. Prices fell sharply at the start of the week after US president postponed threatened strikes on Iran’s energy infrastructure, triggering a 9% drop on Monday. Prices stabilized mid-week and briefly rebounded on colder weather forecasts and persistently low storage levels. By Friday, prices eased again as Washington extended the deadline for Iran to accept a peace proposal, although concerns over tight balances and LNG supply risks limited the downside. Over the week, settlements declined from EUR 56.68/MWh on Monday to EUR 54.18/MWh on Friday, after touching a weekly low of EUR 48.75/MWh on Wednesday.
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European carbon prices traded consistently above EUR 70/t from Tuesday onwards, reaching a two‑week high of EUR 73.16/t mid‑week, as the market stabilized after recent losses and ahead of expected announcements on ETS reforms. While prices moved higher, investment funds continued to cut exposure for a ninth consecutive week, with net‑long positions falling to a near seven‑month low, highlighting ongoing caution among financial players. On the supply side, auction volumes remained steady, with 9.2m EUAs sold at an average price of EUR 67.86/t. Over the week, settlements increased from EUR 69.26/t on Monday to EUR 71.67/t on Friday, marking a 3% weekly gain.
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Finally, power futures decreased. Q2 26 closed decreasing 2.6% at EUR 40.5/MWh, while Q3 26 decreased by 4% to EUR 78.2/MWh. Q4 26 decreased by 0.3% to EUR 86/MWh. For annual contracts, Cal 27 decreased by 0.7% to EUR 57.1/MWh, and Cal 28 rose by 4.9% to EUR 55.9/MWh.
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