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VOL 8 | NUM 37 | 19 May 2026
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IBERIA | 11 - 17 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.
- 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 average eased, but intraday volatility remained high
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The average price of Day-Ahead Market in Spain reached EUR 49.8/MWh last week, registering a decrease of -16.7% compared to the previous week's average (EUR 59.8/MWh). This weekly price was 174% higher than 2025 (EUR 18.2/MWh) and 82% higher than in 2024 (EUR 27.3/MWh).
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YTD average is EUR 46.2/MWh, -28% lower than YTD value in 2025 (EUR 63.8/MWh) and 32% higher than YTD value in 2024 (EUR 35.1/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 1.6%, reaching 5.86 TWh, compared to the 5.77 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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- Both wind and solar PV share increased by 2.4 pp
- Resulting in share decrease of: hydro (-1.7 pp), gas (-1.4 pp) and nuclear (-1.3 pp)
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Global renewable energy share increased from 66.8% to 70.2% 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 remained highly volatile throughout the week. The Iberian Peninsula recorded higher prices than France overall, with a peak above EUR 200/MWh on Monday afternoon. Despite this, the typical intraday pattern persisted, with prices dropping to around EUR 0/MWh or below during daylight hours and rising again to around EUR 100/MWh during morning and afternoon peaks. As a result, even though the weekly average price decreased compared to the previous week, high price spikes remained a consistent feature of the market.
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The weekly maximum was EUR 210/MWh, reached on Monday at 9:30 p.m., coupled with Portugal. Minimum price, EUR -1/MWh was reached on Saturday between 4:00 p.m. and 4:15 p.m., coupled with Portugal as well.
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The SWE grid coupling was 48%, higher than recorded the previous week, 41%.
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- Spain-Portugal: 91%
- Spain-France: 52%
- 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 49.8/MWh
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Spanish IM
EUR 46.4/MWh
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Portugal DAM
EUR 50/MWh
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France DAM
EUR 44/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 4.3 GW. Almaraz 1 started generating on May 15, while 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 specially on the second half of the week. The hourly average production was 5.5 GW
- Gas generation provided an hourly average output of 3.7 GW, with weekly maximum values of 8.2 GW on Tuesday at 9 p.m.
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- Solar PV was the first source of electricity during 48% of the week, followed by hydro (36%) and wind (16%)
- Hourly renewable share fluctuated between 48% and 80% of total generation, a wider variation than observed in the previous week (47% and 78%). Wind's maximum share reached 50% of hourly generation, while solar PV's maximum share reached 66%
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Solar and wind generation
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- Wind generation was 1.1 TWh, 15.8% higher than the previous week
- Solar PV generation was 1.8 TWh, 9.9% 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 11.4/MWh
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Portugal
EUR 9.1/MWh
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Spain
EUR 53/MWh
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Portugal
EUR 48.1/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 moved higher as stalled diplomacy and continued disruption risks around the Strait of Hormuz sustained the geopolitical risk premium. Prices jumped on Monday and Tuesday, with Brent settling above USD 107/bbl, while weaker Chinese oil import figures added to broader demand concerns without offsetting the war‑related risk premium. Mid‑week, prices eased as markets turned cautious ahead of the US–China summit, but the downside remained limited given the lack of concrete progress and persistent worries over ship attacks and restricted shipping conditions. By Friday, Brent strengthened again as the summit delivered limited outcomes. The IEA also reinforced the tight fundamental backdrop, warning that the market could remain severely undersupplied and highlighting sizable inventory draws and emergency stock releases since the conflict began. settlements increased from USD 104.21/bbl
on Monday to USD 109.26/bbl on Friday, with prices trading within a range of USD 102.81–109.75/bbl.
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European gas prices remained high as persistent uncertainty around the Strait of Hormuz kept supply‑risk premia elevated. Prices increased early on after a renewed setback in US–Iran peace efforts and continued rising on Tuesday to one‑week highs amid the ongoing diplomatic deadlock, with gas following oil markets higher. Concerns over LNG availability persisted, with imports expected to fall 24% and Europe facing increased competition for cargoes, while storage injections provided some counterbalance, with EU stocks rising toward around 36%. By Friday, TTF climbed to four‑week highs as disappointing outcomes from the US–China summit dampened hopes of de‑escalation. settlements rose from EUR 46.23/MWh on Monday to EUR 50.17/MWh on Friday, within a range of EUR 44.40–51.27/MWh.
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European carbon prices remained anchored around the EUR 75/t level, as improved sentiment was offset by cautious investor positioning. Prices moved higher early in the week, reaching three‑week highs above EUR 77/t, supported by expectations around upcoming free allocation benchmarks. However, gains faded mid‑week, with markets lacking strong direction amid ongoing policy and geopolitical uncertainty. Despite this, speculative investors increased net long exposure, driven by a sharp reduction in short positions to a three‑year low, highlighting a shift in positioning. Settlements edged lower from EUR 77.18/t on Monday to EUR 75.60/t on Friday, trading within a range of EUR 73.69–77.45/t.
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Finally, power futures jumped. Q3 26 closed rising 6.8% at EUR 83.7/MWh, while Q4 26 rose by 5.6% to EUR 88.5/MWh. Q1 27 rose by 3.4% to EUR 72.7/MWh. For annual contracts, Cal 27 rose by 4.2% to EUR 60/MWh, and Cal 28 rose by 2% to EUR 56.1/MWh.
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