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VOL 8 | NUM 33 | 21 April 2026
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IBERIA | 13 - 19 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.
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Day-Ahead Market rebounded due to lower wind and higher demand
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The average price of Day-Ahead Market in Spain reached EUR 50.4/MWh last week, registering a rise of 37.7% compared to the previous week's average (EUR 36.6/MWh). This weekly price was 271% higher than 2025 (EUR 13.6/MWh) and 888% higher than in 2024 (EUR 5.1/MWh).
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YTD average is EUR 44.2/MWh, -41% lower than YTD value in 2025 (EUR 75.4/MWh) and 20% higher than YTD value in 2024 (EUR 36.8/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 3.9%, reaching 5.92 TWh, compared to the 5.7 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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- Solar PV share increased by 6.2 pp, followed by thermal solar (1.4 pp)
- Wind generation share decreased by 8.3 pp
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Global renewable energy share decreased from 67.4% to 66.9% 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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Iberian hourly prices started the week largely decoupled from the rest of Europe, before showing greater convergence from Wednesday onwards. Intraday volatility remained extremely high throughout the week, characterized by very pronounced ramp‑ups, while night‑time prices stayed relatively elevated. In addition, European intraday auctions were disrupted on Wednesday, with IDA1, IDA2 and SIDC cancelled for around 12 hours due to technical issues, adding instability to market.
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The weekly maximum was EUR 157.5/MWh, reached on Thursday at 8:00 a.m., coupled with Portugal and France. Minimum price, EUR -6/MWh was reached on Sunday at 4:00 p.m., coupled as well with Portugal and France.
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The SWE grid coupling was 45%, lower than recorded the previous week, 48%.
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- Spain-Portugal: 84%
- Spain-France: 47%
- SWE (ES-PT-FR): 45%
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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 50.4/MWh
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Spanish IM
EUR 46.5/MWh
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Portugal DAM
EUR 50.7/MWh
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France DAM
EUR 70.9/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 5.1 GW. Trillo finally started its operation on April 18 after several delays, 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 5.7 GW
- Gas generation provided an hourly average output of 4.5 GW, with weekly maximum values of 10.0 GW on Thursday at 8 p.m.
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- Solar PV was the first source of electricity during 46% of the week, followed by hydro (35%) and wind (15%)
- Hourly renewable share fluctuated between 38% and 79% of total generation, a wider variation than observed in the previous week (53% and 78%). Wind's maximum share reached 55% of hourly generation, while solar PV's maximum share reached 70%
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Solar and wind generation
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- Wind generation was 0.9 TWh, 31.7% lower than the previous week
- Solar PV generation was 1.8 TWh, 29.9% 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 11.5/MWh
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Portugal
EUR 9.5/MWh
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Spain
EUR 52/MWh
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Portugal
EUR 46.2/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 jumped above USD 100/bbl on Monday after the collapse of US–Iran peace talks and Washington’s announcement of a naval blockade restricting vessels linked to Iranian ports, although Saudi Arabia’s East–West pipeline restart offered partial relief. Prices then retreated and on Friday, Brent slipped again after a Lebanon–Israel ceasefire came into effect and fresh signals suggested a US–Iran deal could be close. Over the week, settlements fell from USD 99.36/bbl on Monday to USD 90.38/bbl on Friday with a weekly high of USD 103.87/bbl and a low of USD 86.09/bbl.
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European gas prices hopped on Monday, following Brent, raising concerns over LNG availability from the Persian Gulf. From Tuesday onwards, prices fell as milder weather forecasts reduced demand expectations and optimism grew that negotiations could resume. On Friday, prices declined again after ceasefire signals strengthened and demand prospects softened further. Over the week, settlements fell from EUR 46.41/MWh to EUR 38.77/MWh, within a range of EUR 38.15–51.30/MWh.
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European carbon prices were supported by improved sentiment. The Dec‑26 contract extended gains through the week and reached a two‑month high, helped by a 10‑day ceasefire between Israel and Lebanon, which eased near‑term geopolitical stress and was seen as supportive for economic activity and emissions. Positioning data also turned slightly more constructive: investment funds’ net long position rose to 34.7 Mt, mainly due to a decline in short positions. On the supply side, around 10.8 Mt of EUAs were auctioned at an average clearing price of EUR 72.92/t. Overall, settlements increased from EUR 72.59/t on Monday to EUR 77.46/t on Friday, with a weekly range of EUR 71.60–78.07/t.
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Finally, power futures overall decreased. Q3 26 closed decreasing 3.2% at EUR 74.5/MWh, while Q4 26 decreased by 1.1% to EUR 80.3/MWh. Q1 27 decreased by 0.7% to EUR 70.8/MWh. For annual contracts, Cal 27 rose by 1.1% to EUR 56.6/MWh, and Cal 28 stayed stable at EUR 54.5/MWh.
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