|
|
VOL 8 | NUM 39 | 2 June 2026
|
|
|
|
|
|
|
|
IBERIA | 25 - 31 May 2026
|
|
|
|
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
|
|
|
|
|
|
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.
|
|
|
|
|
|
|
Day‑Ahead prices presented an upward trend, reaching weekly averages last recorded in March
|
|
|
|
The average price of Day-Ahead Market in Spain reached EUR 60.7/MWh last week, registering a rise of 25.2% compared to the previous week's average (EUR 48.5/MWh). This weekly price was 102% higher than 2025 (EUR 30.1/MWh) and 226% higher than in 2024 (EUR 18.6/MWh).
|
|
YTD average is EUR 46.9/MWh, -22% lower than YTD value in 2025 (EUR 59.8/MWh) and 35% higher than YTD value in 2024 (EUR 34.8/MWh).
|
|
Annual evolution of the average weekly price of the Spanish Daily Market
|
|
|
|
|
|
|
Generation plus imports in Iberia increased by 4.5%, reaching 6.28 TWh, compared to the 6.01 TWh recorded the previous week.
|
|
The main changes observed in the energy mix, compared to the previous week, were:
|
- Solar PV increased by 2.7 pp, followed by gas generation by 1.9 pp
- Resulting in share decrease of nuclear (-2.7 pp), wind (-1.5 pp) and hydro (-1.0 pp)
|
|
Global renewable energy share increased from 66.1% to 66.6% since the previous week.
|
|
Generation Mix Iberia
|
|
|
|
|
Variation Iberia
|
|
|
|
|
|
Nuclear
|
|
Cogeneration
|
|
Renewable thermal
|
|
Coal
|
|
Combined cycle
|
|
|
Hydraulic
|
|
Wind
|
|
Solar PV
|
|
Solar thermal
|
|
Imports
|
|
|
|
Power range by energy sources vs demand Iberia
|
|
|
|
|
|
Hourly prices broadly followed the pattern observed in recent weeks, although higher price levels were more prominent, driving the weekly average upwards. As in previous periods, prices remained around EUR 0/MWh or below during daylight hours, before rising during the rest of the day.
In terms of coupling, Iberian prices were generally aligned with France, although some deviations were observed. Notably, the weekly minimum in Iberia and Portugal occurred on Monday, which differs from the usual pattern and can be partly attributed to the public holiday in France, influencing cross-border price dynamics.
|
|
The weekly maximum was EUR 172.5/MWh, reached on Thursday at 9:30 p.m., coupled with Portugal and France. Minimum price, EUR -2.1/MWh was reached on Monday between 1:00 p.m. and 3:15 p.m., coupled with Portugal.
|
|
The SWE grid coupling was 64%, higher than recorded the previous week, 60%.
|
- Spain-Portugal: 96%
- Spain-France: 68%
- SWE (ES-PT-FR): 64%
|
|
Weekly evolution of the hourly price of the Day-ahead and Intraday Market (DAM and IM)
|
|
|
|
|
|
|
Spanish DAM
EUR 60.7/MWh
|
|
Spanish IM
EUR 63.3/MWh
|
|
Portugal DAM
EUR 60.7/MWh
|
|
France DAM
EUR 61.9/MWh
|
|
|
|
|
|
Hourly detail of the generation & interconnections in Iberia
|
|
The highlights from last week
|
- The hourly average output of nuclear generation was 5.2 GW. Ascó I will continue under scheduled maintenance until June 14 and Almaraz I registered an incidence and will stop its generation until June 7
- Hydraulic generation provided night-time peak generation, and relevant pumping in Iberia all days of the week. The hourly average production was 5.3 GW
- Gas generation provided an hourly average output of 4.6 GW, with weekly maximum values of 9.2 GW on Thursday at 9 p.m.
|
- Solar PV was the first source of electricity during 50% of the week, followed by hydro (38%) and wind (12%)
- Hourly renewable share fluctuated between 44% and 80% of total generation, a wider variation than observed in the previous week (46% and 77%). Wind's maximum share reached 28% of hourly generation, while solar PV's maximum share reached 72%
|
|
Solar and wind generation
|
- Wind generation was 0.8 TWh, 7.5% lower than the previous week
- Solar PV generation was 2.2 TWh, 13.1% higher than the previous week
|
|
Generation by technology Iberia
|
|
|
|
|
|
|
Interconnections by country, from Spain
|
|
|
|
|
|
|
Hourly wind & solar generation
|
|
|
|
|
|
Solar PV Captured Price
|
Wind Captured Price
|
|
|
|
|
|
Spain
EUR 17.2/MWh
|
|
Portugal
EUR 13.7/MWh
|
|
|
|
Spain
EUR 73.2/MWh
|
|
Portugal
EUR 64/MWh
|
|
|
|
|
|
*The solar / wind price has been calculated as the DA price weighted by the solar / wind generation of the peninsula.
|
|
|
|
|
Futures Market & Commodities
|
|
On the oil market, fell to two‑week lows at the start of the week amid growing optimism over ongoing negotiations. Mid‑week, optimism triggered further losses and pushed Brent to its lowest levels in over a month. Toward the end of the week, prices stabilised but remained under pressure as mixed signals persisted: both sides appeared to move closer to extending the ceasefire, yet remained deadlocked on critical topics such as uranium stockpiles and control of the strait. Meanwhile, underlying fundamentals offered limited support, with US inventories continuing to decline. Overall, settlements fell from USD 93.42/bbl (Mon) to USD 91.12/bbl (Fri), with prices trading within a range of USD 89.93–97.81/bbl.
|
|
European gas prices fell to a two‑week low on Monday as confidence in a potential peace agreement improved and more Qatari LNG cargoes crossed the strait. However, TTF rebounded on Tuesday after fresh US strikes on Iran raised concerns that negotiations could be delayed, while competition with Asia for LNG cargoes remained a key support factor. By the end of the week, prices moved slightly higher as renewed US strikes and continuing skepticism over a quick Hormuz reopening kept supply‑risk premia in place. Concerns over Asian LNG demand linked to El Niño also supported prices, while EU storage reached 39.1%, still 8.4 percentage points below last year. Overall, settlements edged up from EUR 45.59/MWh (Mon) to EUR 46.00/MWh (Fri), within a range of EUR 44.94–48.93/MWh.
|
|
European carbon prices moved higher, supported by improving sentiment and stronger buying interest, although the market remained sensitive to policy and geopolitical developments. Prices strengthened, reaching three‑month highs above EUR 80/t, driven by increased demand and supportive signals from energy markets. On the supply side, auction volumes continued as normal. Overall, settlements rose from EUR 76.75/t (Mon) to EUR 80.63/t (Fri), within a range of EUR 76.52–80.99/t, marking the highest levels since February.
|
|
Finally, power futures increased. Q3 26 closed rising 3.8% at EUR 87.7/MWh, while Q4 26 rose by 2.5% to EUR 90/MWh. Q1 27 rose by 1.4% to EUR 74/MWh. For annual contracts, Cal 27 rose by 1.8% to EUR 60.7/MWh, and Cal 28 rose by 2% to EUR 56.6/MWh.
|
Why you are receiving this email
|
You are receiving this email because you are subscribed to our Power Markets Weekly report - IBERIA. If you no longer wish to receive this report, or if you would like to subscribe to other regional reports, you can manage your subscription using the button on the right.
|
|
|
|
DNV, Calle Santa Maria Magdalena 14, 28016 Madrid
|
|
|
|
|
This e-mail and any attachments thereto may contain confidential information and/or information protected by intellectual property rights for the exclusive attention of the intended addressees named above. If you have received this transmission in error, please immediately notify the sender by return e-mail and delete this message and its attachments. Unauthorized use, copying or further full or partial distribution of this e-mail or its contents is prohibited.
|
Your
data appears in a file under the responsibility of DNV Maritime and Energy, S.L.U. - NIF: 82800798 Postal address: Calle Santa Maria Magdalena, 14 - Planta 2, 28016, Madrid, E-mail: power-markets-weekly@dnv.com. On behalf of the company we treat the information you provide us with in order to send you market information, information related to our services and invitations to events. The data provided will be kept as long as you do not request the cessation of the activity. The data will not be transferred to third parties except in cases where there is a legal obligation. You have the right to obtain confirmation on whether in DNV GL Services Spain S.L. we are treating your personal data so you have the right to access your personal data, rectify inaccurate data or request its deletion when the data is no longer necessary.
|
DNV GL Services Spain S.L. publishes this weekly report using public information from OMIE, REE y MEFF. This document is for information purposes only. Its partial or total reproduction is authorized while mentioning its source as DNV. Opinions herein expressed are proprietary.
|
|
|
