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VOL 8 | NUM 34 | 28 April 2026
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IBERIA | 20 - 26 April 2026
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Dear subscribers, one year after the Iberian blackout, the lights are still on - but power markets are still full of surprises.
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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Iberia decoupled as most of Europe recorded historic negative prices
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The average price of Day-Ahead Market in Spain reached EUR 50.4/MWh last week, registering the same average price than the previous week. This weekly price was 102% higher than 2025 (EUR 24.9/MWh) and 97% higher than in 2024 (EUR 25.6/MWh).
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YTD average is EUR 44.5/MWh, -39% lower than YTD value in 2025 (EUR 72.4/MWh) and 23% higher than YTD value in 2024 (EUR 36.2/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 -4.2%, reaching 5.67 TWh, compared to the 5.92 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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- Imports increased their share by 4.2 pp, followed by nuclear (3.3 pp)
- Resulting in share decrease of gas (2.5 pp), wind (2.4 pp) and solar PV (2.0 pp)
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Global renewable energy share decreased from 66.9% to 61.4% 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
Iberian prices followed the pattern observed in recent weeks, with values hovering around EUR 0/MWh or below during daytime hours, before increasing during the morning and afternoon peaks. However, the most striking feature this week was the persistent decoupling of the Iberian Peninsula from the rest of Europe. While Iberian prices were generally higher during non‑solar hours, this decoupling prevented them from fully mirroring the sharp downward price movements observed across most European markets, including France.
On
Sunday at 2 p.m., France recorded a day‑ahead price of EUR ‑478.8/MWh, setting a new record low for day‑ahead power prices in Europe. Even more negative prices were registered in other member states. This unprecedented price event was driven by very low demand, given it was a Sunday, combined with exceptionally high renewable generation, particularly solar, across the
continent.
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The weekly maximum was EUR 115/MWh, reached on Friday at 9:15 p.m., coupled with Portugal. Minimum price, EUR -5.25/MWh was reached on Sunday at 3:15 p.m.
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The SWE grid coupling was 18%, lower than recorded the previous week, 45%.
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- Spain-Portugal: 89%
- Spain-France: 20%
- SWE (ES-PT-FR): 18%
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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 52.8/MWh
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Portugal DAM
EUR 50.6/MWh
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France DAM
EUR 7.6/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 6-0 GW. Almaraz 1 will remain offline until May 10 due to scheduled maintenance
- Hydraulic generation provided night-time peak generation, and relevant pumping in Iberia all days of the week. The hourly average production was 5.4 GW
- Gas generation provided an hourly average output of 3.5 GW, with weekly maximum values of 10.0 GW on Monday at 9 p.m.
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- Solar PV was the first source of electricity during 46% of the week, followed by hydro (42%) and wind (7%)
- Hourly renewable share fluctuated between 38% and 75% of total generation, similar to the observed values in the previous week (38% and 79%). Wind's maximum share reached 30% of hourly generation, while solar PV's maximum share reached 65%
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Solar and wind generation
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- Wind generation was 0.8 TWh, 19.1% lower than the previous week
- Solar PV generation was 1.6 TWh, 10.5% 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 13/MWh
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Portugal
EUR 12.1/MWh
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Spain
EUR 58.7/MWh
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Portugal
EUR 51.3/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 at the start of the week after Iran announced the closure of the strait and ruled out participation in a second round of peace talks with the US. Although prices eased briefly, market sentiment remained fragile as commercial traffic through Hormuz continued to be restricted. Any relief from the ceasefire was further offset by ongoing escalation risks and actions reinforcing the naval blockade, keeping supply concerns elevated. By Friday, Brent was set for its largest weekly gain since the early phase of the conflict, ending four consecutive weeks of declines. Over the week, settlements rose from USD 95.48/bbl on Monday to USD 105.33/bbl on Friday, with prices trading in a wide range of USD 92.75–107.48/bbl.
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European gas prices strengthened, driven by renewed geopolitical risk despite generally bearish fundamentals. Prices jumped early in the week, pushing TTF sharply higher on fears of tighter global LNG availability from the Persian Gulf. From Tuesday onwards, prices stabilized as milder weather forecasts and improving storage injections reduced near‑term demand expectations. Toward the end of the week, prices climbed again as LNG supply concerns dominated sentiment, alongside slightly lower Norwegian pipeline flows due to maintenance. Over the week, settlements rose from EUR 40.29/MWh on Monday to EUR 44.86/MWh on Friday, with prices trading within a range of EUR 39.39–46.03/MWh.
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European carbon prices traded slightly lower this week. Investment funds extended their net long position for a third consecutive week, lifting it to 41.4 Mt. Despite this, prices softened after Monday’s weekly high, as several countries continued to push for lower carbon prices to support industrial competitiveness and traders remained cautious ahead of developments in US–Iran negotiations. Geopolitics added further uncertainty, with the extension of the ceasefire alongside the continued blockade of Iranian ports limiting appetite for new positions. On the supply side, 9.2 Mt of EUAs were auctioned during the week. Overall, settlements edged down from EUR 76.13/t on Monday to EUR 74.90/t on Friday, with prices ranging between EUR 74.09–76.95/t.
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Finally, power futures increased. Q3 26 closed rising 4.3% at EUR 77.7/MWh, while Q4 26 rose by 3% to EUR 82.7/MWh. Q1 27 decreased by 1% to EUR 70.1/MWh. For annual contracts, Cal 27 rose by 0.7% to EUR 57/MWh, and Cal 28 rose by 0.6% to EUR 54.8/MWh.
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