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VOL 8 | NUM 42 | 23 June 2026
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IBERIA | 15 - 21 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:
- 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 prices increased driven by heatwave combined with low wind generation |
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The average price of Day-Ahead Market in Spain reached EUR 83.1/MWh last week, registering a rise of 83% compared to the previous week's average (EUR 45.4/MWh). This weekly price was 7% lower than 2025 (EUR 89.5/MWh) and 42% higher than in 2024 (EUR 58.4/MWh).
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YTD average is EUR 48.7/MWh, -20% lower than YTD value in 2025 (EUR 60.8/MWh) and 30% higher than YTD value in 2024 (EUR 37.4/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 7.6%, reaching 6.69 TWh, compared to the 6.22 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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- Gas generation increased by 6.0 pp, followed by hydro (1.9 pp), nuclear (1.7 pp) and solar PV (1.7 pp)
- Resulting in a share decrease of wind (-8.6 pp) and imports (-2.1 pp)
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Global renewable energy share decreased from 67.5% to 61.9% 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 maintained the usual pattern, although the share of negative and zero-priced hours decreased. Higher temperatures across the Iberian Peninsula, combined with lower wind generation, supported demand and led to overall higher price levels. As a result, prices exceeded EUR 100/MWh in 53% of the hours in Spain and 49% in Portugal.
In addition, market coupling between Spain and Portugal weakened, with Portugal decoupling during solar hours from Wednesday to Saturday, ultimately ending the week with a higher average price.
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The weekly maximum was EUR 165.2/MWh, reached on Monday at 8:45 p.m., coupled with Portugal and France. Minimum price, EUR -0.81/MWh was reached on Sunday between at 12:15 p.m. and 1:00 p.m. and 3:00 p.m. and 4:00 p.m., coupled with Portugal most of the time.
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The SWE grid coupling was 44%, higher than recorded the previous week, 38%:
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- Spain-Portugal: 88%
- Spain-France: 52%
- SWE (ES-PT-FR): 44%
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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 83.1/MWh
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Spanish IM
EUR 82.2/MWh
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Portugal DAM
EUR 85.6/MWh
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France DAM
EUR 83.1/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 7 GW, with all the nuclear fleet generating normally
- Hydraulic generation provided night-time peak generation, with almost no baseload generation and relevant pumping. The hourly average production was 4.9 GW
- Gas generation provided an hourly average output of 5.8 GW, with weekly maximum values of 12.2 GW on Monday at 9 p.m.
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- Solar PV was the first source of electricity during 50% of the week, followed by hydro (22%) and gas (18%)
- Hourly renewable share fluctuated between 36% and 77% of total generation, a lower margin than observed in the previous week (44% and 78%). Wind's maximum share reached 31% 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 0.8 TWh, 38.4% lower than the previous week
- Solar PV generation was 2.3 TWh, 13.2% 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 39.2/MWh
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Portugal
EUR 43/MWh
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Spain
EUR 91.7/MWh
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Portugal
EUR 98.1/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 declined sharply this week as markets priced in a US–Iran peace agreement and the expected reopening of the Strait of Hormuz, triggering a broad unwinding of the geopolitical risk premium. Despite remaining uncertainty around the implementation of the agreement and intermittent geopolitical tensions, sentiment stayed weak overall. However, prices rebounded on Friday driven by renewed tensions in Lebanon and the cancellation of follow‑up talks. Overall, settlements fell from USD 83.17/bbl (Monday) to USD 80.57/bbl (Friday), within a range of USD 76.54–85.93/bbl.
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European gas prices followed Brent and fell to multi‑week lows early in the week, extending losses as sentiment improved and near‑term supply concerns eased. Mid‑week, declines continued as the agreement was formalized and expectations of increased LNG availability gained traction. Prices rebounded on Friday after the cancellation of follow‑up US–Iran talks. Improving EU storage levels also helped cap any upside (European gas storage sites were last seen at 45.6%). Overall, settlements fell from EUR 42.51/MWh (Monday) to EUR 42.09/MWh (Friday), within a range of EUR 40.01–44.84/MWh.
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European carbon prices were supported by improving sentiment and strong investor positioning, despite some underlying uncertainty. Prices rose, briefly approaching EUR 81/t, driven by optimism around the US–Iran peace deal and supportive weather conditions. However, gains were partly limited by cautious positioning and expectations around the upcoming EU ETS review, with markets lacking strong conviction beyond the EUR 80/t level. Overall, settlements increased from EUR 80.02/t (Monday) to EUR 80.58/t (Friday), within a range of EUR 79.22–80.99/t.
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Finally, power futures dropped. Q3 26 closed decreasing 4.6% at EUR 82.5/MWh, while Q4 26 decreased by 6.4% to EUR 86/MWh. Q1 27 decreased by 4.9% to EUR 71.8/MWh. For annual contracts, Cal 27 decreased by 5.6% to EUR 59/MWh, and Cal 28 decreased by 1.7% to EUR 57/MWh.
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