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VOL 8 | NUM 46 | 21 July 2026
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IBERIA | 13 - 19 July 2026
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Dear subscribers, Thanks for your patience after this week's delay: Spain winning a second World Cup star does not happen every day.
After several days of entirely reasonable celebrations, we are back with another edition. As it turns out, the only thing hotter than the celebration was the Iberian power market.
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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World champions and heatwave conditions: Day‑Ahead prices continued to climb, reaching their highest value of the year
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The average price of Day-Ahead Market in Spain reached EUR 120.2/MWh last week, registering a rise of 17.8% compared to the previous week's average (EUR 102/MWh). This weekly price was 54% higher than 2025 (EUR 77.8/MWh) and 63% higher than in 2024 (EUR 73.8/MWh).
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YTD average is EUR 54.8/MWh, -14% lower than YTD value in 2025 (EUR 64/MWh) and 33% higher than YTD value in 2024 (EUR 41.2/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 -1.7%, reaching 6.97 TWh, compared to the 7.09 TWh recorded the previous week.
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Global renewable energy share increased from 58.8% to 59.1% 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 followed an unusual pattern. Until Friday, prices remained remarkably elevated, rarely falling below EUR 50/MWh even during solar hours, reflecting the impact of the heatwave and tighter market conditions. The pattern changed over the weekend, when lower demand and stronger renewable generation pushed prices down during daylight hours, while pronounced morning and evening peaks brought back the high intraday volatility observed in previous weeks.
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The weekly maximum was EUR 220/MWh, reached on Monday at 10:00 p.m., coupled with Portugal. Minimum price, EUR -0.07/MWh was reached on Sunday at 4:00 p.m., coupled with Portugal.
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The SWE grid coupling was 30%, higher than recorded the previous week, 25%.
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- Spain-Portugal: 98%
- Spain-France: 33%
- SWE (ES-PT-FR): 30%
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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 120.2/MWh
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Spanish IM
EUR 120.7/MWh
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Portugal DAM
EUR 120.4/MWh
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France DAM
EUR 115.6/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 6.2 GW. Vandellos registered a failure, but restarted on Saturday. However, Almaraz I registered an operational unavailability on Saturday and will remain offline until August 17
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- Solar PV was the first source of electricity during49% of the week, followed by gas (39%)
- Hourly renewable share fluctuated between 28% and 76% of total generation, compared with the previous week, 31% and 76%. Wind's maximum share reached 27% of hourly generation, while solar PV's maximum share reached 67%
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Solar and wind generation
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- Wind generation was 0.7 TWh, 6.9% higher than the previous week
- Solar PV generation was 2.3 TWh, 3% 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 75.7/MWh
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Portugal
EUR 76.1/MWh
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Spain
EUR 131.6/MWh
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Portugal
EUR 123.6/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 increased this week as renewed US–Iran hostilities and concerns over shipping disruptions in the Strait of Hormuz restored part of the geopolitical risk premium that had faded in recent weeks. Prices rose sharply early in the week following renewed strikes, sanctions on Iranian oil exports and reports of attacks on commercial shipping, reaching their highest levels since mid‑June. Overall, settlements increased from USD 71.99/bbl (Monday) to USD 88.10/bbl (Friday), within a range of USD 71.02–88.38/bbl.
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European gas prices moved sharply higher, driven too by renewed US–Iran tensions, concerns over LNG flows through the Strait of Hormuz, and strong summer demand. Prices climbed steadily throughout the week, reaching four‑month highs on Friday as hostilities persisted and no LNG vessels crossed the strait. The market was further supported by hot weather across Europe, reduced French nuclear availability and competition with Asia for LNG cargoes. While storage levels continued to increase, concerns remained over the pace of refilling ahead of winter, with inventories still well below last year's levels. Overall, settlements increased from EUR 51.28/MWh (Monday) to EUR 57.40/MWh (Friday), within a range of EUR 49.00–59.00/MWh.
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European carbon prices reached an 11‑day high above EUR 82/t early in the week, supported by hot weather across Europe and expectations of further auction supply cuts. However, gains faded as the market digested the proposed reforms and investors continued to reduce their net long exposure, which fell to a four‑week low. The announcement that additional supply under the proposed investment booster scheme would not reach the market in the near term helped support prices and triggered a rebound from weekly lows on Friday. Overall, settlements edged down from EUR 80.11/t (Monday) to EUR 79.11/t (Friday), within a range of EUR 76.92–82.18/t.
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Finally, power futures increased. Q4 26 closed rising 11.4% at EUR 104.2/MWh, while Q1 27 rose by 7.3% to EUR 80.5/MWh. Q2 27 rose by 5.8% to EUR 47.7/MWh. For annual contracts, Cal 27 rose by 4.7% to EUR 67/MWh, and Cal 28 rose by 0.9% to EUR 57.3/MWh.
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