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VOL 8 | NUM 43 | 30 June 2026
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IBERIA | 22 - 28 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.
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Heatwave settled one of the highest weekly average price of 2026
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The average price of Day-Ahead Market in Spain reached EUR 87.4/MWh last week, registering a rise of 5.2% compared to the previous week's average (EUR 83.1/MWh). This weekly price almost equal to the value in 2025 (EUR 87.8/MWh) and 25% higher than in 2024 (EUR 69.7/MWh).
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YTD average is EUR 50.2/MWh, -19% lower than YTD value in 2025 (EUR 61.9/MWh) and 30% higher than in 2024 (EUR 38.7/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 4%, reaching 6.96 TWh, compared to the 6.69 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 2.3 pp, followed by wind (1.7 pp)
- Resulting in share decrease of solar PV (-2.1 pp) and imports (-1.3 pp)
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Global renewable energy share decreased from 61.9% to 61.1% 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 elevated, pushing the weekly average to the third-highest level of 2026. The heatwave across the Iberian Peninsula supported demand and sustained high prices, with values exceeding EUR 100/MWh in 53% of the hours in Spain and 68% in Portugal. Unlike recent weeks, daytime prices rarely fell to negative levels and remained well above typical floor values until the end of the week. Meanwhile, France experienced significantly higher volatility, reaching a peak of EUR 433/MWh on Wednesday at 7:45 p.m.
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The weekly maximum was EUR 185.9/MWh, reached on Monday at 10:00 p.m., coupled with Portugal and France. Minimum price, EUR -0.01/MWh was reached on Saturday between at 3:45 p.m. and 4:15 p.m., coupled with Portugal.
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The SWE grid coupling was 41%, lower than recorded the previous week, 44%.
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- Spain-Portugal: 100%
- Spain-France: 41%
- SWE (ES-PT-FR): 41%
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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 87.4/MWh
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Spanish IM
EUR 94.7/MWh
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Portugal DAM
EUR 87.4/MWh
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France DAM
EUR 115.8/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 by the end of the week. The hourly average production was 5 GW
- Gas generation provided an hourly average output of 7 GW, with weekly maximum values of 14.2 GW on Tuesday at 9 p.m.
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- Solar PV was the first source of electricity during 52% of the week, followed by gas (27%) and hydro (11%)
- Hourly renewable share fluctuated between 37% and 76% of total generation, similar to the values observed in the previous week (36% and 77%). Wind's maximum share reached 29% of hourly generation, while solar PV's maximum share reached 64%
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Solar and wind generation
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- Wind generation was 0.9 TWh, 19.4% higher than the previous week
- Solar PV generation was 2.2 TWh, 2.5% 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 48.2/MWh
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Portugal
EUR 42.8/MWh
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Spain
EUR 96.4/MWh
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Portugal
EUR 81.4/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 further this week as markets priced in the US–Iran peace agreement and the reopening of the Strait of Hormuz, easing supply concerns. Prices fell sharply early in the week and extended losses to multi‑month lows mid‑week as shipping activity increased and expectations of rising supply strengthened. Despite some renewed geopolitical tensions, including incidents near Hormuz and the cancellation of follow‑up talks, sentiment remained broadly bearish and failed to support prices. Overall, settlements fell from USD 77.90/bbl (Monday) to USD 71.99/bbl (Friday), within a range of USD 71.38–82.30/bbl.
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European gas prices declined as improving LNG supply prospects and increased traffic through the Strait of Hormuz weighed on sentiment. Prices initially rose on Monday supported by the heatwave and stronger demand but quickly reversed as markets priced in a normalization of supply. Despite continued support from low storage levels and higher cooling demand, the recovery in LNG flows and easing geopolitical concerns dominated. Overall, settlements fell from EUR 41.89/MWh (Monday) to EUR 40.78/MWh (Friday), within a range of EUR 39.98–43.75/MWh.
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European carbon prices remained around the EUR 80/t, reaching a four‑month high early in the week. Prices were supported by the European heatwave, reduced nuclear availability in France and the European Commission’s decision to lower auction volumes through the summer. Overall, settlements edged down from EUR 81.57/t (Monday) to EUR 80.28/t (Friday), within a range of EUR 79.90–82.28/t.
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Finally, power futures had a mixed performance. Q3 26 closed decreasing 3% at EUR 80.8/MWh, while Q4 26 decreased by 3.7% to EUR 85/MWh. Q1 27 rose by 1.5% to EUR 72.6/MWh. For annual contracts, Cal 27 decreased by 0.3% to EUR 59.8/MWh, and Cal 28 rose by 0.2% to EUR 57/MWh.
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