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VOL 9 | NUM 1 | 8 September 2026
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IBERIA | 31 August - 6 September 2026
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Dear readers, Welcome to Volume 9 of the Iberian Weekly report!
Over the years, we have navigated heatwaves, negative prices, blackouts, regulatory changes, energy crises and enough geopolitical twists to keep us permanently glued to the news. Through it all, one thing has remained unchanged: your support and feedback. Thank
you for joining us for another volume. Here is to another year of learning, navigating uncertainty and staying ahead of the market together.
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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The most expensive week of 2026 amid record gas prices
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The average price of Day-Ahead Market in Spain reached EUR 144.5/MWh last week, registering a rise of 35.7% compared to the previous week's average (EUR 106.5/MWh). This weekly price was 220% higher than 2025 (EUR 45.2/MWh) and 54% higher than in 2024 (EUR 94/MWh).
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YTD average is EUR 68/MWh, 7% higher than YTD value in 2025 (EUR 63.4/MWh) and 33% higher than YTD value in 2024 (EUR 51/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 increased by 6.8%, reaching 6.74 TWh, compared to the 6.31 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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- Gas generation increased by 5.7 pp, followed by imports (2.5 pp), solar PV (2.0 pp) and hydro (1.0 pp)
- Resulting in a share decrease of wind generation (-9.0 pp) and nuclear (-2.5 pp)
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Global renewable energy share decreased from 61.7% to 55.5% 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 remained highly volatile throughout the week, with deep midday drops to zero and pronounced morning and evening peaks. Although negative prices were largely absent across Iberia, prices exceeded EUR 150/MWh during 60% of the hours, driving the weekly average to its highest level of 2026 amid record gas prices and the return of stronger September demand.
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The weekly maximum was EUR 300/MWh, reached on Thursday between 9:00 p.m. and 9:30 p.m., coupled with Portugal. Minimum price, EUR 0/MWh was reached on Monday between 10:45 a.m. and 4:45 p.m. and on Sunday between 12:00 p.m. and 1:00 p.m., coupled with Portugal.
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The SWE grid coupling was 21%, lower than recorded the previous week, 29%.
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- Spain-Portugal: 97%
- Spain-France: 21%
- SWE (ES-PT-FR): 21%
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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 144.5/MWh
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Spanish IM
EUR 143.8/MWh
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Portugal DAM
EUR 144.7/MWh
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France DAM
EUR 119.2/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 6.5 GW. Ascó I reported an unplanned outage on Friday and remained offline until Sunday afternoon, when it partially returned to operation
- Gas generation provided an hourly average output of 7.8 GW, increasing by 51.3% compared to the previous week
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- Gas was the first source of electricity during 46% of the week, followed by solar PV (44%) and wind (7%)
- Hourly renewable share fluctuated between 26% and 77% of total generation, compared to the previous week, 30% and 78%. Wind's maximum share reached 32% of hourly generation, while solar PV's maximum share reached 70%
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Solar and wind generation
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- Wind generation was 0.7 TWh, 43.9% lower than the previous week.
- Solar PV generation was 2.1 TWh, 14.1% higher 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 72.5/MWh
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Portugal
EUR 65.4/MWh
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Spain
EUR 158.1/MWh
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Portugal
EUR 151.8/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 strengthened this week as markets increasingly priced in a prolonged disruption of Middle East crude flows rather than a near-term resolution of the US–Iran conflict. As the week progressed, investors reassessed the longer-term implications of restricted shipping, higher transport costs and tighter global supply balances, pushing Brent to its highest levels since late July. Overall, settlements increased from USD 90.49/bbl (Monday) to USD 96.28/bbl (Friday), within a range of USD 89.03–97.62/bbl.
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European gas prices prices remained at exceptionally high levels, reaching their highest point since January 2023 amid renewed US–Iran hostilities and concerns over LNG flows through the Strait of Hormuz. Prices slightly eased during the second half of the week despite concerns over winter restocking, with EU storage levels reaching 65.9% of capacity, 12.7 percentage points below last year, while German inventories stood at just 50.2%, their lowest level for this time of year since at least 2011. Overall, settlements increased from EUR 69.81/MWh (Monday) to EUR 71.95/MWh (Friday), within a range of EUR 68.01–75.33/MWh.
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European carbon prices were supported by compliance buying and firm energy prices. Prices briefly approached EUR 85/t, their highest level since late July, while reduced auction volumes continued to provide support. Speculative investors continued to reduce their net long exposure, with positions falling to a 13‑week low, limiting further upside. Market attention is now gradually shifting towards the next stage of the EU ETS reform discussions. Overall, settlements increased from EUR 83.10/t (Monday) to EUR 84.18/t (Friday), within a range of EUR 81.86–84.91/t.
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Finally, power futures increased. Q4 26 closed rising 10.3% at EUR 134/MWh, while Q1 27 rose by 11.4% to EUR 112.8/MWh. Q2 27 rose by 9% to EUR 54.3/MWh. For annual contracts, Cal 27 rose by 7.9% to EUR 81.5/MWh, and Cal 28 rose by 3.2% to EUR 60.9/MWh.
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