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VOL 8 | NUM 38 | 26 May 2026
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IBERIA | 18 - 24 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 price softened despite lower wind and stronger demand
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The average price of Day-Ahead Market in Spain reached EUR 48.5/MWh last week, registering a decrease of -2.6% compared to the previous week's average (EUR 49.8/MWh). This weekly price was 395% higher than 2025 (EUR 9.8/MWh) and 5% higher than in 2024 (EUR 46.4/MWh).
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YTD average is EUR 46.3/MWh, -24% lower than YTD value in 2025 (EUR 61.3/MWh) and 30% higher than YTD value in 2024 (EUR 35.6/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 2.6%, reaching 6.01 TWh, compared to the 5.86 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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- Nuclear generation increased its share by 4.3 pp, followed by solar PV (1.6 pp)
- Wind generation dropped by 5.7 pp
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Global renewable energy share decreased from 70.2% to 66.1% 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. Market coupling with France was relatively strong during the week, although deviations were observed on Monday, when prices were higher overall, and over the weekend, when French prices dropped significantly below Iberian levels.
In particular, more pronounced negative prices were recorded in France on Saturday and Sunday, while the Spanish intraday market also declined, reaching EUR ‑39.99/MWh on Sunday. In the DAM, negative prices were registered for around 19% of the hours.
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The weekly maximum was EUR 139.4/MWh, reached on Wednesday at 10:00 p.m., coupled with Portugal and France. Minimum price, EUR -3/MWh was reached on Saturday between 3:00 p.m. and 3:15 p.m.
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The SWE grid coupling was 60%, higher than recorded the previous week, 48%.
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- Spain-Portugal: 86%
- Spain-France: 66%
- SWE (ES-PT-FR): 60%
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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 48.5/MWh
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Spanish IM
EUR 51.6/MWh
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Portugal DAM
EUR 48.5/MWh
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France DAM
EUR 48.9/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 6 GW. Ascó I will continue under 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 5.4 GW
- Gas generation provided an hourly average output of 3.8 GW, with weekly maximum values of 9.2 GW on Thursday at 9 p.m.
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- Solar PV was the first source of electricity during 50% of the week, followed by hydro (39%) and wind (11%)
- Hourly renewable share fluctuated between 46% and 77% of total generation, a tighter variation than observed in the previous week (48% and 80%). Wind's maximum share reached 31% 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 0.8 TWh, 27.8% lower than the previous week
- Solar PV generation was 2 TWh, 8% 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 Captured Price
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Wind Captured Price
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Spain
EUR 11.6/MWh
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Portugal
EUR 8.6/MWh
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Spain
EUR 58.1/MWh
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Portugal
EUR 45.2/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, started supported after an attack near a UAE’s nuclear facility and a new US ultimatum to Iran, reinforcing supply concerns amid ongoing restrictions in the Strait of Hormuz. Sentiment shifted during the week but uncertainty remained high. Overall, settlements fell from USD 112.10/bbl on Monday to USD 103.54/bbl on Friday, within a range of USD 101.34–112.72/bbl.
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European gas prices jumped to near six‑week highs early in the week amid fears of renewed US–Iran fighting that could keep the chokepoint closed, while low storage levels remained a key concern. Prices then softened mid‑week as war-driven volatility collided with warmer weather forecasts and a normalization of temperatures, creating slightly bearish demand expectations. Storage injections progressed, with EU inventories just under 37%, but still clearly below last year’s level, while Norwegian maintenance remained a constraint. Overall, settlements fell from EUR 50.25/MWh on Monday to EUR 48.68/MWh on Friday, with a weekly range of EUR 46.05–52.60/MWh.
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European carbon prices remained around the EUR 75/t level, as cautious investor positioning and limited market drivers kept prices anchored. Prices held near recent highs around EUR 76–77/t, supported by stability in energy markets and expectations around upcoming ETS policy developments. On the supply side, around 9.2 Mt of EUAs were auctioned during the week at an average price of EUR 74.32/t. Settlements edged up from EUR 75.55/t on Monday to EUR 76.92/t on Friday, within a range of EUR 74.52–77.17/t.
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Finally, power futures remained relatively stable. Q3 26 closed rising 1% at EUR 84.5/MWh, while Q4 26 decreased by 0.8% to EUR 87.8/MWh. Q1 27 rose by 0.4% to EUR 73/MWh. For annual contracts, Cal 27 decreased by 0.7% to EUR 59.6/MWh, and Cal 28 decreased by 1.1% to EUR 55.5/MWh.
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