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VOL 8 | NUM 32 | 14 April 2026
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IBERIA | 6 - 12 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:
- 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 recorded higher prices despite lower demand linked with public holidays and mild weather
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The average price of Day-Ahead Market in Spain reached EUR 36.6/MWh last week, registering a rise of 195.2% compared to the previous week's average (EUR 12.4/MWh). This weekly price was 17% higher than 2025 (EUR 31.2/MWh) and 382% higher than in 2024 (EUR 7.6/MWh).
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YTD average is EUR 43.8/MWh, -45% lower than YTD value in 2025 (EUR 79.5/MWh) and 13% higher than YTD value in 2024 (EUR 38.9/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 3.1%, reaching 5.7 TWh, compared to the 5.88 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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- Gas, imports and hydro increased their participation by 1.5 pp, 1.4 pp and 1.2 pp, respectively
- Resulting in share decrease of solar PV ( -2.0 pp), thermal solar ( -1.8 pp) and wind ( -1.6 pp)
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Global renewable energy share decreased from 71.4% to 67.4% 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 higher than in the previous week, with more pronounced negative prices on Monday, driven by the public holiday in several regions. Tuesday and Wednesday showed the highest intraday volatility, with both morning and afternoon peaks exceeding EUR 100/MWh, while prices frequently dropped back toward zero or negative levels during solar hours. In the second half of the week, overall price levels were lower and volatility eased. France displayed an even more extreme price pattern than Iberia, decoupling strongly from the peninsula, particularly during solar hours and at morning and afternoon peaks.
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The weekly maximum was EUR 153.8/MWh, reached on Wednesday at 9:00 p.m., coupled with France. Minimum price, EUR -6/MWh was reached on Monday between noon and 4:30 p.m., coupled with Portugal.
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The SWE grid coupling was 48%, higher than recorded the previous week, 13%.
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- Spain-Portugal: 95%
- Spain-France: 51%
- SWE (ES-PT-FR): 48%
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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 36.6/MWh
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Spanish IM
EUR 37.6/MWh
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Portugal DAM
EUR 35.6/MWh
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France DAM
EUR 33.9/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 5.0 GW. Trillo extended its scheduled maintenance until April 15, while Almaraz will remain offline until May 5
- Hydraulic generation provided night-time peak generation, and relevant pumping in Iberia all days of the week. The hourly average production was 5.9 GW
- Gas generation provided an hourly average output of 4.0 GW, with weekly maximum values of 10.3 GW on Wednesday at 9 p.m.
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- Solar PV was the first source of electricity during 39% of the week, followed by wind (31%) and hydro (30%)
- Hourly renewable share fluctuated between 53% and 78% of total generation, similar to the values observed in the previous week (47% and 78%). Wind's maximum share reached 52% of hourly generation, while solar PV's maximum share reached 67%
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Solar and wind generation
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- Wind generation was 1.4 TWh, 9.1% lower than the previous week
- Solar PV generation was 1.4 TWh, 10.2% lower 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 9.3/MWh
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Portugal
EUR 8.9/MWh
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Spain
EUR 34.3/MWh
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Portugal
EUR 27.9/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 posted a steep weekly decline as a US–Iran ceasefire sharply reduced the war risk premium, even as uncertainties around Hormuz reopening and renewed attacks on Saudi infrastructure limited the downside. Settlements fell from USD 109.77/bbl on Monday to USD 95.20/bbl on Friday, down USD 14.57 (-13.3%). The week saw a wide range, with a high of USD 111.89/bbl and a low of USD 90.40/bbl.
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European gas prices dropped this week as ceasefire news triggered a sharp risk‑premium unwind, while mild weather and strong Norwegian supply added bearish pressure, while EU storage stood at 28.9%. Overall, settlements fell from EUR 50.04/MWh on Monday to EUR 43.64/MWh on Friday, with an intraday high of EUR 53.55/MWh and a low of EUR 42.50/MWh.
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European carbon prices traded slightly higher. The Dec‑26 contract was supported by improving investor positioning after speculative funds increased their net‑long exposure for the first time in around 2.5 months, lifting it to 32.8 Mt. Despite this, overall participation remained limited, with many traders reluctant to take meaningful positions amid ongoing geopolitical uncertainty and doubts over a lasting peace deal. Prices stayed mostly above EUR 70/t, peaking mid‑week, before easing slightly into Friday. On the supply side, 6.5 Mt of EUAs were auctioned this week at an average clearing price of EUR 71.09/t. Over the week, settlements rose from EUR 71.69/t on Monday to EUR 72.84/t on Friday.
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Finally, power futures dropped. Q3 26 closed decreasing by 1.9% at EUR 77/MWh, while Q4 26 decreased by 3.3% to EUR 81.2/MWh. Q1 27 rose by 0.1% to EUR 71.3/MWh. For annual contracts, Cal 27 decreased by 0.5% to EUR 56/MWh, and Cal 28 decreased by 1.4% to EUR 54.5/MWh.
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