|
|
VOL 8 | NUM 51 | 25 August 2026
|
|
|
|
|
|
|
|
IBERIA | 17 - 23 August 2026
|
|
|
|
Dear subscribers, Did you miss me? After a short summer break, I am back to keep you updated on the latest trends across energy markets. And judging by the past weeks, there is plenty to catch up on.
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.
|
|
|
|
|
|
|
Summer prices remained exceptionally high across Iberia, due to exceptionally hot weather and high gas prices
|
|
|
|
The average price of Day-Ahead Market in Spain reached EUR 120.7/MWh last week, registering a decrease of -6.4% compared to the previous week's average (EUR 128.9/MWh). This weekly price was 78% higher than 2025 (EUR 68/MWh) and 47% higher than in 2024 (EUR 82.3/MWh).
|
|
YTD average is EUR 64.6/MWh, 1% higher than YTD value in 2025 (EUR 63.9/MWh) and 34% higher than YTD value in 2024 (EUR 48.1/MWh).
|
|
Annual evolution of the average weekly price of the Spanish Daily Market
|
|
|
|
|
|
|
Generation plus imports in Iberia decreased by -2.1%, reaching 6.6 TWh, compared to the 6.74 TWh recorded the previous week.
|
|
The main changes observed in the energy mix, compared to the previous week, were:
|
- Wind generation increased by 3.8 pp, followed by nuclear (2.6 pp)
- Resulting in share decrease of gas (-3.7 pp) and solar PV (-1.6 pp)
|
|
Global renewable energy share increased from 58.8% to 60.1% 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 morning and afternoon peaks exceeding EUR 150/MWh during 57% of the hours. Outside these periods, prices dropped to floor levels on most days, except Monday and Thursday. Coupling between Spain and Portugal was also weaker than usual, particularly during solar hours from Monday to Thursday, with Portugal frequently trading above Spain.
|
|
The weekly maximum was EUR 248/MWh, reached on Tuesday at 9:15 p.m., coupled with Portugal. Minimum price, EUR -2.1/MWh was reached on Thursday between at 2:30 p.m. and 4:15 p.m., coupled with Portugal and partially with France.
|
|
The SWE grid coupling was 30%, higher than recorded the previous week, 16%.
|
- Spain-Portugal: 82%
- Spain-France: 31%
- SWE (ES-PT-FR): 30%
|
|
Weekly evolution of the hourly price of the Day-ahead and Intraday Market (DAM and IM)
|
|
|
|
|
|
|
Spanish DAM
EUR 120.7/MWh
|
|
Spanish IM
EUR 117.5/MWh
|
|
Portugal DAM
EUR 129/MWh
|
|
France DAM
EUR 139.8/MWh
|
|
|
|
|
|
Hourly detail of the generation & interconnections in Iberia
|
|
The highlights from last week
|
- The hourly average output of nuclear generation was 6.8 GW, with all the nuclear fleet operating from Tuesday onwards
|
- Solar PV was the first source of electricity during 46% of the week, followed by gas (31%) and wind (13%)
- Hourly renewable share fluctuated between 27% and 79% of total generation, compared to the previous week, 28% and 79%. Wind's maximum share reached 32% of hourly generation, while solar PV's maximum share reached 70%
|
|
Solar and wind generation
|
- Wind generation was 0.9 TWh, 33.9% higher than the previous week.
- Solar PV generation was 2.2 TWh, 6.8% lower 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 51.4/MWh
|
|
Portugal
EUR 74.2/MWh
|
|
|
|
Spain
EUR 139.2/MWh
|
|
Portugal
EUR 129.8/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, prices moved higher as hopes for a US–Iran agreement faded again and uncertainty surrounding the reopening of the Strait of Hormuz persisted. Prices reached their highest levels since late July as negotiations stalled, shipping volumes remained below pre-war levels and concerns over regional supply disruptions continued to support the market. Despite some pressure from a weaker demand outlook, geopolitical risks remained the dominant driver throughout the week. Overall, settlements increased from USD 90.87/bbl (Monday) to USD 94.39/bbl (Friday), within a range of USD 88.01–94.83/bbl.
|
|
European gas prices followed Brent, reaching five‑month highs as concerns over low storage levels and the lack of progress in the US–Iran conflict increased pressure on winter restocking efforts. Prices remained supported by competition with Asia for LNG cargoes, while uncertainty over future flows through the Strait of Hormuz continued to underpin the market. Additional support came from ongoing heatwave conditions across Europe, which reduced nuclear availability and increased gas‑fired generation demand. Overall, settlements increased from EUR 61.76/MWh (Monday) to EUR 65.87/MWh (Friday), within a range of EUR 60.71–66.96/MWh.
|
|
European carbon prices remained stable, trading within the EUR 81–84/t range amid limited summer liquidity and a lack of major policy developments. Market sentiment was supported by higher gas prices and continued heatwave-driven power demand. Speculative investors continued to reduce their exposure, with net long positions falling to a 10‑week low, limiting further upside. Overall, settlements increased from EUR 81.58/t (Monday) to EUR 82.61/t (Friday), within a range of EUR 80.98–83.75/t.
|
|
Finally, power futures increased. Q4 26 closed rising 6.5% at EUR 117/MWh, while Q1 27 rose by 7.1% to EUR 96.2/MWh. Q2 27 rose by 4.1% to EUR 52.8/MWh. For annual contracts, Cal 27 rose by 5% to EUR 75.2/MWh, and Cal 28 rose by 2.1% to EUR 59.2/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.
|
|
|
