|
|
VOL 8 | NUM 48 | 4 August 2026
|
|
|
|
|
|
|
|
IBERIA | 27 July - 2 August 2026
|
|
|
|
Dear subscribers,
Europe's gas storage levels are rising, and ours are about too as well, from sunlight. This will be our last weekly update before a short summer break. We will be back the week of 24 August with fully replenished reserves and ready for the autumn season. Until
then, enjoy a well deserved break!
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
|
|
|
|
|
|
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.
|
|
|
|
|
|
|
Day‑Ahead prices stayed above EUR 100/MWh for a third consecutive week
|
|
|
|
The average price of Day-Ahead Market in Spain reached EUR 118.4/MWh last week, registering a rise of 1.5% compared to the previous week's average (EUR 116.7/MWh). This weekly price was 173% higher than 2025 (EUR 43.3/MWh) and 24% higher than in 2024 (EUR 95.4/MWh).
|
|
YTD average is EUR 58.9/MWh, -7% lower than YTD value in 2025 (EUR 63/MWh) and 33% higher than YTD value in 2024 (EUR 44.4/MWh).
|
|
Annual evolution of the average weekly price of the Spanish Daily Market
|
|
|
|
|
|
|
Generation plus imports in Iberia reached the same value as the previous were: 7.02 TWh.
|
|
Global renewable energy share decreased from 60.3% to 59.6% since the previous week.
|
|
Generation Mix Iberia
|
|
|
|
|
Variation Iberia
|
|
|
|
|
|
Nuclear
|
|
Cogeneration
|
|
Renewable thermal
|
|
Coal
|
|
Combined cycle
|
|
|
Hydraulic
|
|
Wind
|
|
Solar PV
|
|
Solar thermal
|
|
Imports
|
|
|
|
Power range by energy sources vs demand Iberia
|
|
|
|
|
|
|
Hourly prices remained highly volatile throughout the week, with afternoon peaks becoming more pronounced than in previous weeks and surpassing EUR 200/MWh. In contrast, France recorded lower average prices, as evening and nighttime peaks were less intense than those observed in Iberia. Coupling between Spain and Portugal was also weaker than usual, with Portugal decoupling during solar hours from Monday to Thursday and ultimately posting a slightly higher weekly average.
|
|
The weekly maximum was EUR 250/MWh, reached on Monday at 9:30 p.m., coupled with Portugal. Minimum price, EUR -0.3/MWh was reached on Friday at 1:00 p.m., coupled with Portugal.
|
|
The SWE grid coupling was 32%, higher than recorded the previous week, 22%.
|
- Spain-Portugal: 87%
- Spain-France: 37%
- SWE (ES-PT-FR): 32%
|
|
Weekly evolution of the hourly price of the Day-ahead and Intraday Market (DAM and IM)
|
|
|
|
|
|
|
Spanish DAM
EUR 118.4/MWh
|
|
Spanish IM
EUR 120.6/MWh
|
|
Portugal DAM
EUR 121.2/MWh
|
|
France DAM
EUR 104.4/MWh
|
|
|
|
|
|
Hourly detail of the generation & interconnections in Iberia
|
|
The highlights from last week
|
- The hourly average output of nuclear generation was 6.7 GW. Almaraz I registered an operational unavailability on Saturday that will keep the plant offline until August 17
|
- Solar PV was the first source of electricity during 48% of the week, followed by gas (46%)
- Hourly renewable share fluctuated between 30% and 79% of total generation, compared to the previous week, 34% and 75%. Wind's maximum share reached 32% of hourly generation, while solar PV's maximum share reached 70%
|
|
Solar and wind generation
|
- Wind generation was 0.8 TWh, 22.9% lower than the previous week.
- Solar PV generation was 2.4 TWh, 8.5% higher than the previous week.
|
|
Generation by technology Iberia
|
|
|
|
|
|
|
Interconnections by country, from Spain
|
|
|
|
|
|
|
Hourly wind & solar generation
|
|
|
|
|
|
Solar PV Captured Price
|
Wind Captured Price
|
|
|
|
|
|
Spain
EUR 55.3/MWh
|
|
Portugal
EUR 56.9/MWh
|
|
|
|
Spain
EUR 135.5/MWh
|
|
Portugal
EUR 132.9/MWh
|
|
|
|
|
|
*The solar / wind price has been calculated as the DA price weighted by the solar / wind generation of the peninsula.
|
|
|
|
|
Futures Market & Commodities
|
|
On the oil market, initially fell after US and Iran paused direct military action and resumed diplomatic talks, raising hopes of improved oil flows through the Strait of Hormuz. However, sentiment reversed mid‑week as fresh military strikes and attacks on commercial vessels undermined confidence in a diplomatic breakthrough. Concerns over shipping disruptions in both the Persian Gulf and the Red Sea supported prices, while continued uncertainty around the implementation of any agreement kept the geopolitical risk premium elevated. Overall, settlements increased from USD 85.87/bbl (Monday) to USD 87.93/bbl (Friday), within a range of USD 80.67–91.36/bbl.
|
|
European gas prices fell early in the week after the pause in hostilities raised expectations of restored LNG flows through the Strait of Hormuz, while prospects of higher LNG availability also weighed on sentiment. Following Brent, prices rebounded mid-week as renewed clashes prompted traders to rebuild part of the geopolitical risk premium. Although reports of ongoing peace talks later softened the market, concerns over limited LNG crossings, storage levels still below last year, and insufficient restocking ahead of winter kept prices supported. Overall, settlements increased from EUR 58.33/MWh (Monday) to EUR 59.07/MWh (Friday), within a range of EUR 55.00–61.89/MWh.
|
|
European carbon prices consolidated around the EUR 80/t level following the rally triggered by the European Commission’s proposed EU ETS reforms. Investor sentiment remained relatively supportive, with speculative funds increasing their net long position for the first time since late June. Market participants continued to assess the implications of lower auction volumes and proposed changes to the Market Stability Reserve, which reinforced expectations of tighter near‑term supply. However, prices remained range‑bound after the sharp gains recorded in the previous week. Overall, settlements fell from EUR 82.33/t (Monday) to EUR 81.26/t (Friday), within a range of EUR 81.03–84.19/t.
|
|
Finally, power futures dropped. Q4 26 closed decreasing 5.3% at EUR 108/MWh, while Q1 27 decreased by 1.7% to EUR 86/MWh. Q2 27 decreased by 5.5% to EUR 48.1/MWh. For annual contracts, Cal 27 decreased by 4.8% to EUR 67.5/MWh, and Cal 28 decreased by 1.9% to EUR 56.4/MWh.
|
Why you are receiving this email
|
You are receiving this email because you are subscribed to our Power Markets Weekly report - IBERIA. If you no longer wish to receive this report, or if you would like to subscribe to other regional reports, you can manage your subscription using the button on the right.
|
|
|
|
DNV, Calle Santa Maria Magdalena 14, 28016 Madrid
|
|
|
|
|
This e-mail and any attachments thereto may contain confidential information and/or information protected by intellectual property rights for the exclusive attention of the intended addressees named above. If you have received this transmission in error, please immediately notify the sender by return e-mail and delete this message and its attachments. Unauthorized use, copying or further full or partial distribution of this e-mail or its contents is prohibited.
|
Your
data appears in a file under the responsibility of DNV Maritime and Energy, S.L.U. - NIF: 82800798 Postal address: Calle Santa Maria Magdalena, 14 - Planta 2, 28016, Madrid, E-mail: power-markets-weekly@dnv.com. On behalf of the company we treat the information you provide us with in order to send you market information, information related to our services and invitations to events. The data provided will be kept as long as you do not request the cessation of the activity. The data will not be transferred to third parties except in cases where there is a legal obligation. You have the right to obtain confirmation on whether in DNV GL Services Spain S.L. we are treating your personal data so you have the right to access your personal data, rectify inaccurate data or request its deletion when the data is no longer necessary.
|
DNV GL Services Spain S.L. publishes this weekly report using public information from OMIE, REE y MEFF. This document is for information purposes only. Its partial or total reproduction is authorized while mentioning its source as DNV. Opinions herein expressed are proprietary.
|
|
|
