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VOL 8 | NUM 36 | 12 May 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 price increased together with demand despite higher renewable generation in the mix
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The average price of Day-Ahead Market in Spain reached EUR 59.8/MWh last week, registering a rise of 6.6% compared to the previous week's average (EUR 56.1/MWh). This weekly price was 386% higher than 2025 (EUR 12.3/MWh) and 94% higher than in 2024 (EUR 30.8/MWh).
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YTD average is EUR 46/MWh, -31% lower than YTD value in 2025 (EUR 66.2/MWh) and 30% higher than YTD value in 2024 (EUR 35.5/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 4.2%, reaching 5.77 TWh, compared to the 5.54 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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- Wind generation share increased by 2.5 pp, followed by hydro (1.4 pp)
- Resulting in share decrease of imports (-2.8 pp)
- Nuclear share decreased (-3.0 pp) due to additional maintenances
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Global renewable energy share increased from 61.8% to 66.8% 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 usual pattern, with values at or close to floor levels during daylight hours and higher peaks in the morning and afternoon. Compared to previous weeks, French prices did not drop as low, leading to stronger coupling between Iberia and France, although France still showed a more erratic profile.
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The weekly maximum was EUR 170.7/MWh, reached on Wednesday at 8:45 p.m., coupled with France. Minimum price, EUR -0.82/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 41%, higher than recorded the previous week, 28%.
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- Spain-Portugal: 93%
- Spain-France: 46%
- SWE (ES-PT-FR): 41%
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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 59.8/MWh
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Spanish IM
EUR 57.9/MWh
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Portugal DAM
EUR 58.9/MWh
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France DAM
EUR 73.9/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 4.7 GW. Almaraz 1 finished its maintenance but will remain offline until May 14, Cofrentes is planned to be unavailable until May 21 and Ascó I started its scheduled maintenance until June 14.
- Hydraulic generation provided night-time peak generation, and relevant pumping in Iberia all days of the week. The hourly average production was 6 GW
- Gas generation provided an hourly average output of 4.1 GW, with weekly maximum values of 10.0 GW on Thursday at 9 p.m.
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- Solar PV was the first source of electricity during 45% of the week, followed by hydro (42%) and wind (13%)
- Hourly renewable share fluctuated between 47% and 78% of total generation, a tighter variation than observed in the previous week (40% and 76%). Wind's maximum share reached 43% of hourly generation, while solar PV's maximum share reached 69%
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Solar and wind generation
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- Wind generation was 1 TWh, 22.1% higher than the previous week
- Solar PV generation was 1.7 TWh, 7.9% 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 21.6/MWh
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Portugal
EUR 18.5/MWh
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Spain
EUR 55.1/MWh
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Portugal
EUR 48.5/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 declined this week as markets shifted from acute supply fears to cautious optimism around a potential deal, while volatility remained high due to ongoing tensions in the Strait of Hormuz. Prices started the week elevated after the prior surge, but eased as the US proposed safe passage measures for commercial shipping, temporarily reducing supply concerns. However, downside was limited as shipping through Hormuz remained constrained and sporadic escalations persisted, including exchanges of fire and attacks on vessels and infrastructure. Settlements fell from USD 114.44/bbl on Monday to USD 101.29/bbl on Friday, within a wide range of USD 96.03–115.30/bbl.
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European gas prices
moved lower overall, despite a late‑week rebound. Geopolitical risk stayed in focus, particularly the continued uncertainty around LNG flows linked to the Strait of Hormuz, with Qatar deliveries to Europe already constrained. Sentiment shifted on Wednesday as the US announced the end of military operations in Iran, triggering an 8% drop and pushing prices to their lowest levels since late April, reinforced by expectations of stronger wind and solar output and seasonally improving temperatures. On Friday, TTF rebounded after renewed strikes in Hormuz revived supply‑risk concerns. Storage levels had improved to 34.3%, but remained over 7 percentage points below last year. Settlements fell from EUR 48.14/MWh on Monday to EUR 44.14/MWh on Friday, with a weekly range of EUR 40.50–49.24/MWh.
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European carbon prices stabilized around the EUR 75/t level, as improved geopolitical sentiment was offset by weakening investor positioning, reaching near three‑week highs above EUR 77/t mid‑week. However, gains were capped as speculative investors continued to reduce net long exposure for a second consecutive week, reflecting a lack of conviction amid uncertainty over ETS reforms and upcoming free allocation benchmarks. On the supply side, around 9.2 Mt of EUAs were auctioned during the week. Settlements edged higher from EUR 73.04/t on Monday to EUR 75.18/t on Friday, within a range of EUR 72.71–77.11/t.
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Finally, power futures dropped. Q3 26 closed decreasing 6.1% at EUR 78.4/MWh, while Q4 26 decreased by 3.6% to EUR 83.8/MWh. Q1 27 decreased by 2.1% to EUR 70.3/MWh. For annual contracts, Cal 27 decreased by 3% to EUR 57.6/MWh, and Cal 28 decreased by 1.1% to EUR 55/MWh.
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