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VOL 8 | NUM 31 | 7 April 2026
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IBERIA | 30 March - 5 April 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:
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Day‑Ahead prices fell during Easter week amid low demand and strong renewable output
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The average price of Day-Ahead Market in Spain reached EUR 12.4/MWh last week, registering a decrease of -30.3% compared to the previous week's average (EUR 17.8/MWh). This weekly price was 57% lower than 2024 (EUR 28.6/MWh) and 182% higher than in 2023 (EUR 4.4/MWh).
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YTD average is EUR 44.3/MWh, -47% lower than YTD value in 2024 (EUR 82.9/MWh) and 8% higher than YTD value in 2023 (EUR 41.2/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 -5.3%, reaching 5.88 TWh, compared to the 6.21 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 of solar PV by 2.0 pp
- Decrease of hydro (-1.0 pp) and nuclear (-1.0 pp) generation
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Global renewable energy share increased from 70.7% to 71.4% 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 were decoupled from the rest of Europe for most of the week, showing two distinct market behaviours. In the Iberian Peninsula, prices recorded the second‑lowest weekly average of 2026, hovering around EUR 0/MWh or below for around 40% of the hours. Negative prices were particularly concentrated during solar hours, reflecting strong renewable generation. Portugal partially decoupled from Spain during these periods, especially when Spanish prices moved into negative territory.
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The weekly maximum was EUR 85/MWh, reached on Friday at 9:15 p.m., coupled with Portugal and France. Minimum price, EUR -7.51/MWh was reached on Sunday between 3:00 p.m. and 4:45 p.m., coupled with Portugal.
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The SWE grid coupling was 13%, higher than recorded the previous week, 10%.
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- Spain-Portugal: 92%
- Spain-France: 13%
- SWE (ES-PT-FR): 13%
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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 12.4/MWh
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Spanish IM
EUR 12/MWh
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Portugal DAM
EUR 12.6/MWh
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France DAM
EUR 70.3/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 5.1 GW. Trillo will be back on operation on April 11 after its scheduled maintenance, similar to Almaraz, swhich will remain offline until May 5
- Hydraulic generation provided night-time peak generation, and relevant pumping both in Spain and Portugal all days of the week. The hourly average production was 5.0 GW
- Gas generation provided an hourly average output of 3.6 GW, with weekly maximum values of 4.5 GW on Sunday at 9 p.m.
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- Solar PV was the first source of electricity during 44% of the week, followed by wind (40%) and gas (16%)
- Hourly renewable share fluctuated between 47% and 78% of total generation, a wider variation than observed in the previous week (53% and 77%). Wind's maximum share reached 55% of hourly generation, while solar PV's maximum share reached 60%
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Solar and wind generation
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- Wind generation was 1.5 TWh, 8.3% lower than the previous week
- Solar PV generation was 1.6 TWh, 2.4% 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 -0.8/MWh
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Portugal
EUR -0.9/MWh
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Spain
EUR 13.2/MWh
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Portugal
EUR 10.5/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 volatile as markets oscillated between escalation fears and de‑escalation signals in the US‑Iran conflict. Prices spiked early after Houthi attacks widened the war, then fell mid‑week when Trump suggested the US could exit the conflict within weeks, before rebounding again on renewed threats of intensified military action. Overall, Brent settlements rose from USD 107.39/bbl on Monday to USD 109.03/bbl on Thursday, with prices swinging widely between USD 98.35/bbl and USD 109.74/bbl amid fast‑changing geopolitical headlines.
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European gas prices fell as markets priced in de‑escalation hopes, despite ongoing geopolitical risk and low EU storage. After firming on Monday on Middle East and global LNG supply concerns (including Australian LNG disruption), prices dropped to a three‑week low of EUR 47.27/MWh on Wednesday following US signals the war could end within weeks, before stabilising as uncertainty around Hormuz persisted. Very low storage levels (EU stocks around 27.7%) continued to underpin the market. Over the week, settlements declined from EUR 55.01/MWh on Monday to EUR 50.04/MWh on Thursday.
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European carbon prices were supported by expectations that upcoming European Commission measures on the ETS would be less aggressive than initially feared. Prices strengthened mid‑week after indications that potential changes to the Market Stability Reserve (MSR) could aim to reduce volatility, pushing the Dec‑26 contract to a six‑week high of EUR 74.91/t on Wednesday. The move was partly reversed in a holiday sell‑off as investor exposure fell to a seven‑month low. Settlements edged down from EUR 72.18/t on Monday to EUR 71.69/t on Thursday.
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Finally, power futures overall decreased. Q3 26 closed rising 0.4% at EUR 78.5/MWh, while Q4 26 decreased by 2.3% to EUR 84/MWh. Q1 27 decreased by 2.5% to EUR 71.2/MWh. For annual contracts, Cal 27 decreased by 1.4% to EUR 56.3/MWh, and Cal 28 decreased by 1.1% to EUR 55.3/MWh.
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