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VOL 8 | NUM 41 | 16 June 2026
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IBERIA | 8 - 14 June 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:
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Day-Ahead prices fell but stayed above France, with nuclear fleet back online
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The average price of Day-Ahead Market in Spain reached EUR 45.4/MWh last week, registering a decrease of -20.1% compared to the previous week's average (EUR 56.8/MWh). This weekly price was 29% lower than 2025 (EUR 63.8/MWh) and 2% higher than in 2024 (EUR 44.3/MWh).
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YTD average is EUR 47.3/MWh, -21% lower than YTD value in 2025 (EUR 59.7/MWh) and 29% higher than YTD value in 2024 (EUR 36.6/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 decreased by -0.2%, reaching 6.22 TWh, compared to the 6.23 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 by 3.0 pp, followed by wind generation (2.2 pp)
- Resulting in share decrease of gas (-2.3 pp), solar PV (-1.7 pp) and hydro generation (-1.0 pp)
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Global renewable energy share decreased from 67.8% to 67.5% 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 remained, for a second consecutive week, higher on average than in France. The usual intraday pattern persisted, with limited negative prices during daylight hours in Iberia compared to much deeper drops in France. Outside solar hours, Iberian prices showed stronger peaks, highlighting sharper intraday volatility.
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The weekly maximum was EUR 137.4/MWh, reached on Sunday between 9:45 p.m. and 11:00 p.m., coupled with Portugal. Minimum price, EUR -2.1/MWh was reached on Saturday between at 12:15 p.m. and 4:30 p.m. and on Sunday between 11:45 p.m. and 12:45 p.m.
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The SWE grid coupling was 38%, higher than recorded the previous week, 37%.
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- Spain-Portugal: 85%
- Spain-France: 46%
- SWE (ES-PT-FR): 38%
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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 45.4/MWh
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Spanish IM
EUR 44.2/MWh
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Portugal DAM
EUR 45.6/MWh
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France DAM
EUR 26.2/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 5.8 GW. During the week, both Ascó I and Almaraz I returned to normal operation
- Hydraulic generation provided night-time peak generation, with almost no baseload generation. The hourly average production was 3.8 GW
- Gas generation provided an hourly average output of 3.2 GW, with weekly maximum values of 6.1 GW on Monday at 7 a.m.
- Generation data of Thursday afternoon appear to be wrong, and not yet corrected by the time we finalized this report
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- Solar PV was the first source of electricity during 49% of the week, followed by wind (36%) and hydro (14%)
- Hourly renewable share fluctuated between 44% and 78% of total generation, a wider variation than observed in the previous week (48% and 80%). Wind's maximum share reached 47% of hourly generation, while solar PV's maximum share reached 68%
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Solar and wind generation
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- Wind generation was 1.3 TWh, 12.1% higher than the previous week
- Solar PV generation was 2 TWh, 5.1% 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 Captured Price
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Wind Captured Price
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Spain
EUR 9.4/MWh
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Portugal
EUR 7/MWh
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Spain
EUR 55.9/MWh
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Portugal
EUR 50.6/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 by the end of the week as easing tensions and renewed ceasefire prospects reduced the geopolitical risk premium. Prices rose early on escalating Israel–Iran strikes but quickly reversed as negotiations progressed and expectations of a deal to reopen the Strait of Hormuz strengthened. Despite intermittent volatility from renewed attacks, markets remained focused on a likely diplomatic outcome, pushing prices to an eight‑week low by Friday. Overall, settlements fell from USD 94.25/bbl (Mon) to USD 87.33/bbl (Fri), within a range of USD 85.80–98.08/bbl.
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European gas prices rose early on Monday to a two‑week high as renewed Israel–Iran strikes undermined hopes of a peace deal. However, gains faded as the week progressed, with markets increasingly pricing in a possible agreement to reopen the strait. Fundamentals remained mixed, with low EU storage levels, slower Norwegian supply and stronger Asian LNG demand providing support. Overall, settlements fell from EUR 49.83/MWh (Mon) to EUR 46.77/MWh (Fri), within a range of EUR 45.50–51.49/MWh.
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European carbon prices remained broadly stable this week, trading within a narrow EUR 75–78/t range, as markets balanced improving sentiment with cautious positioning. The market was supported by steady energy prices and expectations around the upcoming EU ETS review. Despite this, positioning remained cautious, with speculative investors trimming net long exposure and awaiting clearer policy signals. Overall, settlements slightly increased from EUR 76.95/t (Mon) to EUR 77.17/t (Fri), within a range of EUR 75.60–78.32/t.
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Finally, power futures had a mixed performance. Q3 26 closed decreasing 0.6% at EUR 86.5/MWh, while Q4 26 rose by 1.2% to EUR 91.9/MWh. Q1 27 rose by 3.4% to EUR 75.5/MWh. For annual contracts, Cal 27 rose by 1.5% to EUR 62.5/MWh, and Cal 28 decreased by 0.3% to EUR 58/MWh.
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