|
|
VOL 8 | NUM 9 | 4 November 2025
|
|
|
|
|
|
|
|
IBERIA | 27 October - 2 November 2025
|
|
|
|
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.
|
|
|
|
|
|
|
Wind production went back to regular level, leading to a +49% increase of power price
|
|
|
|
The average price of Day-Ahead Market in Spain reached EUR 75.2/MWh last week, registering a rise of 48.6% compared to the previous week's average (EUR 50.6/MWh). This weekly price was 9% lower than 2024 (EUR 82.9/MWh) and 227% higher than in 2023 (EUR 23/MWh).
|
|
YTD average is EUR 64.7/MWh, 20% higher than YTD value in 2024 (EUR 54.1/MWh) and -28% lower than YTD value in 2023 (EUR 90.1/MWh).
|
|
Annual evolution of the average weekly price of the Spanish Daily Market
|
|
|
|
|
|
|
Generation plus imports in Iberia decreased by -2.5%, reaching 5.51 TWh, compared to the 5.65 TWh recorded the previous week.
|
|
The main changes observed in the energy mix, compared to the previous week, were:
|
- Wind generation share went back to regular share for the season, dropping 9 pp
- It has been balanced mostly by more gas (+5 pp) and import (+2 pp)
|
|
Global renewable energy share decreased from 61.6% to 53.3% 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
|
|
|
|
|
|
|
Prices remained high the first days of the week, even during daytime like on Wednesday as solar was low. During the weekend, price dropped in particular during day, although evening peak price remained above EUR 100/MWh on Saturday and Friday.
|
|
The weekly maximum was EUR 160.2/MWh, reached on Wednesday at 21:15, coupled with Portugal. Minimum price, EUR 0/MWh was reached on Sunday between at 10:30 and 16:00, coupled with Portugal.
|
|
The SWE grid coupling was 19%, lower than recorded the previous week, 28%.
|
- Spain-Portugal: 98%
- Spain-France: 19%
- SWE (ES-PT-FR): 19%
|
|
Weekly evolution of the hourly price of the Day-ahead and Intraday Market (DAM and IM)
|
|
|
|
|
|
|
Spanish DAM
EUR 75.2/MWh
|
|
Spanish IM
EUR 74.5/MWh
|
|
Portugal DAM
EUR 75.5/MWh
|
|
France DAM
EUR 45/MWh
|
|
|
|
|
|
Hourly detail of the generation & interconnections in Iberia
|
|
The highlights from last week
|
- The hourly average output of nuclear generation was 4.8 GW. Cofrentes went back online on Monday. Almaraz 2 and Vandellos continued in planned maintenance (November 8 and December 9 respectively).
- Hydraulic generation provided night-time peak generation. Large pumping during day-time was present alongside the week in Spain and Portugal, but also during windy nights, appart on Wednesday as solar was low.
- Gas generation provided an hourly average output of 7 GW with more than 3.5 GW of baseload the entire week.
|
- Wind was the first source of electricity during 45% of the week, followed by gas (25%) and solar (24%)
- Hourly renewable share fluctuated between 31% and 71% of total generation, a larger variation than observed in the previous week (42% and 74%). Wind's maximum share reached 51% of hourly generation, while solar PV's maximum share reached 56%
|
|
Solar and wind generation
|
- Wind generation was 1.4 TWh, 28.2% lower than the previous week
- Solar PV generation was 0.8 TWh, 3.8% lower than the previous week
|
|
Generation by technology Iberia
|
|
|
|
|
|
|
Interconnections by country, from Spain
|
|
|
|
|
|
|
Hourly wind & solar generation
|
|
|
|
|
|
Solar PV Price
|
Wind Price
|
|
|
|
|
|
Spain
EUR 42.7/MWh
|
|
Portugal
EUR 41.6/MWh
|
|
|
|
Spain
EUR 70/MWh
|
|
Portugal
EUR 71.1/MWh
|
|
|
|
|
|
*The solar / wind price has been calculated as the MD price weighted by the solar / wind generation of the peninsula.
|
|
|
|
|
Futures Market & Commodities
|
|
On the oil market, prices declined for a third consecutive week as oversupply concerns outweighed modest optimism around US–China trade discussions. Brent crude slipped to USD 64.70/bbl on Friday, down nearly 2% week-on-week, while WTI settled at USD 60.23/bbl. Early gains driven by hopes of tariff easing were reversed after the IEA reiterated expectations of a widening surplus, with global supply forecast to exceed demand by up to 4M bbl/day in 2026. Despite lingering geopolitical tensions, the well-supplied market and weak demand outlook continued to cap prices heading into November.
|
|
European gas prices traded slightly lower over the week, with the TTF front-month contract fluctuating between EUR 31.30 and EUR 31.80/MWh. Strong LNG inflows, mild weather, and improved Norwegian pipeline availability weighed on prices, despite brief support from unplanned outages at Troll midweek. EU storage sites remained around 83% full, nearly 12 percentage points below last year, but comfortable supply and above-average temperatures reduced heating demand.
|
|
European carbon prices remained steady within a narrow EUR 78–80/t band, with the Dec 25 EUA contract closing the week at EUR 78.87/t. Speculative support persisted, as investment funds maintained near-record net long positions around 94M tonnes. However, mild temperatures, strong wind output, and subdued industrial activity limited compliance demand. Analysts noted that market sentiment remained neutral, with low volatility and limited directional drivers ahead of upcoming EU climate policy discussions.
|
|
Finally, power futures remained relatively stable. Q1 26 closed decreasing 0.9% at EUR 64.1/MWh, while Q2 26 decreased by 2.2% to EUR 39.9/MWh. Q3 26 decreased by 0.3% to EUR 66.9/MWh. For annual contracts, Cal 26 decreased by 0.7% to EUR 61.1/MWh, and Cal 27 decreased by 0.3% to EUR 58.3/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.
|
|
|
