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VOL 8 | NUM 6 | 14 October 2025
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IBERIA | 6 - 12 October 2025
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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:
- 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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Second week of normal operation of the quarter-hourly Day-Ahead Market, with an average price increase linked with rest of Europe |
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The average price of Day-Ahead Market in Spain reached EUR 79.9/MWh last week, registering a rise of 15.1% compared to the previous week's average (EUR 69.4/MWh). This weekly price was 39% higher than 2024 (EUR 57.3/MWh) and 36% lower than in 2023 (EUR 125.4/MWh).
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YTD average is EUR 64.1/MWh, 22% higher than YTD value in 2024 (EUR 52.6/MWh) and -31% lower than YTD value in 2023 (EUR 92.6/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 -0.2%, reaching 5.48 TWh, compared to the 5.49 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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- Increase in wind generation by 3.3 pp, followed by gas (1.4 pp)
- Decrease of nuclear, solar PV and imports by -2.9 pp, -1.5 pp and -1.3 pp respectively
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Global renewable energy share increased from 54.5% to 56.6% 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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The second week of quarterly prices kept the classic profile of the last weeks, including some drops close to floor prices during the solar hours of Thursday, Saturday and Sunday. The weekly maximum was EUR 188.82/MWh, reached on Wednesday at 8:00 a.m. Minimum price, EUR 0.16/MWh was reached on Sunday at 11:45 a.m.
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During Thursday midday, Portugal decoupled from Spain, but the rest of the week the followed almost the same trend.
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The SWE grid coupling was 46%, lower compared to the value recorded the previous week, 44%.
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- Spain-Portugal: 93%
- Spain-France: 47%
- SWE (ES-PT-FR): 46%
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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 79.9/MWh
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Spanish IM
EUR 77.1/MWh
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Portugal DAM
EUR 80.5/MWh
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France DAM
EUR 78.5/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 4.9 GW, as Cofrentes was in planned maintenance (until October 26), and Almaraz 2 started its planned maintenance on October 6, planned until November 8
- Hydraulic generation provided night-time peak generation. The hourly average production was 4.1 GW. Large pumping during daytime was present alongside the week in Spain and Portugal, specially from Thursday onwards
- Gas generation provided an hourly average output of 6.6 GW and relevant baseload, with weekly maximum values of 14.0 GW on Tuesday at 8 p.m.
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- Solar PV was the first source of electricity during 37% of the week, followed by wind (32%) and gas (22%)
- Hourly renewable share fluctuated between 30% and 72% of total generation, a similar variation than observed in the previous week (28% and 70%). Wind's maximum share reached 50% of hourly generation, while solar PV's maximum share reached 59%
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Solar and wind generation
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- Wind generation was 1.1 TWh, 19.6% higher than the previous week
- Solar PV generation was 1.1 TWh, 6.9% 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 Price
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Wind Price
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Spain
EUR 44.8/MWh
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Portugal
EUR 43.8/MWh
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Spain
EUR 78.9/MWh
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Portugal
EUR 79.6/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 until Wednesday, as OPEC decided to raise production by 137,000 bbl/day, which was less than anticipated and maintained the same monthly increment as in October due to ongoing concerns about a possible supply surplus. By the end of the week, oil prices declined after the Israeli cabinet approved the Gaza deal, resulting in cautious optimism regarding peace in the Middle East and its potential effects on supply. The week ended at USD 62.73/bbl, representing a 4% decrease from Monday’s closing price.
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European gas prices surged to EUR 33.63/MWh, their highest since August 26, after Russia's strikes on Ukraine and colder weather forecasts, and Qatar temporarily halted maritime navigation due to technical issues. However, by Thursday prices fell amid growing optimism about winter supplies, dropping to EUR 31.76/MWh by Friday, a weekly low, with storage sites at 82.8%.
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European carbon prices stabilized within the EUR 78-80/t range this week, reaching a peak of EUR 80.37/t, the highest level recorded in nearly eight months. Speculative investors have continued to increase their net long positions in carbon allowances, maintaining levels unprecedented for at least seven years over the past fortnight. On the supply side, 12.3 million EUAs were auctioned at an average price of EUR 78.41/t.
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Finally, power futures were stable this week. Q1 26 edged up 0.02% to EUR 63.76/MWh, while Q2 26 rose 1.54% to EUR 40.87/MWh, and Q3 26 gained 0.83% to EUR 67.0/MWh. Cal 26 increased 0.41% to EUR 61.45/MWh, and cal 27 was up 0.34% at EUR 58.95/MWh.
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