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VOL 8 | NUM 47 | 28 July 2026
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IBERIA | 20 - 26 July 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
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Strong demand and tight fundamentals supported high price levels
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The average price of Day-Ahead Market in Spain reached EUR 116.7/MWh last week, registering a decrease of -2.9% compared to the previous week's average (EUR 120.2/MWh). This weekly price was 113% higher than 2025 (EUR 54.7/MWh) and 38% higher than in 2024 (EUR 84.4/MWh).
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YTD average is EUR 56.9/MWh, -11% lower than YTD value in 2025 (EUR 63.7/MWh) and 33% higher than YTD value in 2024 (EUR 42.7/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 0.7%, reaching 7.02 TWh, compared to the 6.97 TWh recorded the previous week.
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Global renewable energy share increased from 59.1% to 60.3% 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 throughout most of the week, rarely reaching the low levels typically observed during solar hours. Over the weekend, stronger renewable generation restored the usual intraday pattern, with lower daytime prices and higher morning and evening peaks. Coupling between Spain and Portugal was also weaker than usual, with Portugal decoupling during solar hours and ending the week with a higher average price.
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The weekly maximum was EUR 290/MWh, reached on Thursday at 9:45 p.m., coupled with Portugal. Minimum price, EUR -2/MWh was reached on Saturday at 11:45 a.m., coupled Portugal.
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The SWE grid coupling was 22%, lower than recorded the previous week, 30%.
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- Spain-Portugal: 97%
- Spain-France: 23%
- SWE (ES-PT-FR): 22%
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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 116.7/MWh
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Spanish IM
EUR 114.2/MWh
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Portugal DAM
EUR 118/MWh
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France DAM
EUR 94.9/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 6.6 GW. Trillo registered a failure during the week and lowered its operation, but restarted on Thursday
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- Solar PV was the first source of electricity during 49% of the week, followed by gas (39%)
- Hourly renewable share fluctuated between 34% and 75% of total generation, compared to the previous week, 28% and 76%. Wind's maximum share reached 35% of hourly generation, while solar PV's maximum share reached 65%
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Solar and wind generation
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- Wind generation was 1 TWh, 37.3% higher than the previous week.
- Solar PV generation was 2.2 TWh, 2.4% 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 65.6/MWh
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Portugal
EUR 70.2/MWh
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Spain
EUR 124.1/MWh
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Portugal
EUR 113.7/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 rose this week as renewed US–Iran hostilities and disruptions to shipping in the Strait of Hormuz and the Red Sea fuelled concerns over global oil supply. Prices climbed steadily through the week, briefly surpassing USD 100/bbl for the first time since May, as attacks on commercial vessels and energy infrastructure heightened geopolitical risk. Despite weaker Chinese demand and higher OPEC+ production targets, supply concerns remained the main market driver. Overall, settlements increased from USD 89.22/bbl (Monday) to USD 96.78/bbl (Friday), within a range of USD 86.12–102.00/bbl.
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European gas prices, as Brent, continued to rise and were also supported by US–Iran tensions, disruptions to LNG flows through the Strait of Hormuz, and concerns over low European storage levels. Prices climbed steadily throughout the week, reaching four‑month highs as fears over winter restocking persisted. Additional support came from forecasts of another European heatwave, which could increase cooling demand and constrain French nuclear output. Despite storage levels continuing to improve, they remained well below last year's levels. Overall, settlements increased from EUR 59.22/MWh (Monday) to EUR 63.93/MWh (Friday), within a range of EUR 59.22–64.25/MWh.
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European carbon prices were supported by a relief rally following the publication of the EU ETS reform proposals and by higher gas prices. Prices climbed to a near six‑month high mid‑week, as the proposed reforms proved less bearish than anticipated and market attention shifted back to energy market fundamentals. Overall, settlements increased from EUR 83.27/t (Monday) to EUR 83.40/t (Friday), within a range of EUR 78.31–86.91/t.
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Finally, power futures increased compared to the previous week. Q4 26 closed rising 9.4% at EUR 114/MWh, while Q1 27 rose by 8.7% to EUR 87.5/MWh. Q2 27 rose by 6.7% to EUR 50.9/MWh. For annual contracts, Cal 27 rose by 5.8% to EUR 70.9/MWh, and Cal 28 rose by 0.3% to EUR 57.5/MWh.
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