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VOL 8 | NUM 52 | 1 September 2026
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IBERIA | 24 - 30 August 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:
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Day‑Ahead prices took a breather, yet remaining above EUR 100/MWh
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The average price of Day-Ahead Market in Spain reached EUR 106.5/MWh last week, registering a decrease of -11.8% compared to the previous week's average (EUR 120.7/MWh). This weekly price was 63% higher than 2025 (EUR 65.4/MWh) and 2% lower than in 2024 (EUR 108.9/MWh).
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YTD average is EUR 65.8/MWh, 3% higher than YTD value in 2025 (EUR 63.9/MWh) and 32% higher than YTD value in 2024 (EUR 49.8/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 -4.4%, reaching 6.31 TWh, compared to the 6.6 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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- Wind generation share increased by 4.8 pp, followed by nuclear (1.2 pp)
- Resulting in share decrease of solar PV (-3.2 pp) and gas (-3.1 pp)
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Global renewable energy share increased from 60.1% to 61.7% 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 continued to show strong intraday volatility, with deep midday dips and pronounced morning and evening peaks following the solar cycle. Prices reached zero or negative values on most days of the week, while remaining above EUR 150/MWh during 49% of the hours and at or below zero during 14% of the time.
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The weekly maximum was EUR 226.8/MWh, reached on Tuesday between 9:15 and 9:30 p.m., coupled with Portugal. Minimum price, EUR -1.05/MWh was reached on Sunday at 1:45 p.m., coupled with Portugal and France.
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The SWE grid coupling was 29%, lower than recorded the previous week, 30%.
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- Spain-Portugal: 100%
- Spain-France: 29%
- SWE (ES-PT-FR): 29%
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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 106.5/MWh
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Spanish IM
EUR 106/MWh
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Portugal DAM
EUR 106.5/MWh
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France DAM
EUR 121.1/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 7.0 GW, with all the nuclear fleet operating
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- Solar PV was the first source of electricity during 44% of the week, followed by wind (25%) and gas (13%)
- Hourly renewable share fluctuated between 30% and 78% of total generation, compared to the previous week, 27% and 79%. Wind's maximum share reached 43% 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 1.2 TWh, 27.8% higher than the previous week.
- Solar PV generation was 1.9 TWh, 13.5% 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 25.1/MWh
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Portugal
EUR 21.1/MWh
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Spain
EUR 110.8/MWh
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Portugal
EUR 98.9/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 moved lower this week as renewed diplomatic efforts to reopen the Strait of Hormuz eased concerns over supply disruptions. Prices came under pressure after the latest US sanctions package against Iran, while talks between Iran and Oman raised hopes of restoring shipping through the key waterway. However, losses were partly limited by continued uncertainty over the outcome of negotiations and ongoing attacks on regional shipping. Overall, settlements fell from USD 90.54/bbl on Monday to USD 88.10/bbl on Friday, within a range of USD 84.56–92.06/bbl.
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European gas prices remained elevated, reaching five‑month highs as concerns over low storage levels and uncertainty surrounding the Strait of Hormuz continued to support the market. Prices were also underpinned by competition with Asia for LNG cargoes and the need to refill inventories ahead of winter. Overall, settlements fell from EUR 68.46/MWh on Monday to EUR 66.98/MWh on Friday, within a range of EUR 62.24–70.09/MWh.
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European carbon prices traded within the EUR 82–84/t range. Market sentiment continued to be supported by reduced auction volumes, growing compliance demand and the gradual return of activity after the summer period. However, speculative investors continued to reduce their net long exposure, with positions falling to a 13‑week low, limiting further upside. Overall, settlements fell from EUR 83.80/t on Monday to EUR 82.73/t on Friday, within a range of EUR 82.00–84.72/t.
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Finally, power futures had a mixed performance. Q4 26 closed rising 3.8% at EUR 121.5/MWh, while Q1 27 rose by 5.3% to EUR 101.3/MWh. Q2 27 decreased by 5.7% to EUR 49.8/MWh. For annual contracts, Cal 27 rose by 0.4% to EUR 75.5/MWh, and Cal 28 decreased by 0.3% to EUR 59/MWh.
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