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VOL 9 | NUM 2 | 15 September 2026
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IBERIA | 7 - 13 September 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:
- DNV Power Analytics (DNV-PA) is our web-based platform that provides access to constantly updated long-term energy price forecasts.
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Day‑Ahead prices eased slightly but recorded the second highest weekly average of 2026
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The average price of Day-Ahead Market in Spain reached EUR 137.3/MWh last week, registering a decrease of -5% compared to the previous week's average (EUR 144.5/MWh). This weekly price was 124% higher than 2025 (EUR 61.3/MWh) and 120% higher than in 2024 (EUR 62.3/MWh).
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YTD average is EUR 69.9/MWh, 10% higher than YTD value in 2025 (EUR 63.4/MWh) and 36% higher than YTD value in 2024 (EUR 51.3/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 -1.5%, reaching 6.64 TWh, compared to the 6.74 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 increased by 4.4 pp, followed by nuclear (1.1 pp)
- Resulting in share decrease of gas (-3.1 pp)and imports (-2.0 pp)
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Global renewable energy share increased from 55.5% to 59.7% 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 remained extremely volatile, reaching yearly highs close to EUR 300/MWh. Although solar generation continued to push prices during midday hours, prices only reached EUR 0/MWh or below on Wednesday and during the weekend, far less frequently than in previous weeks.
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The weekly maximum was EUR 278.5/MWh, reached on Thursday at 8:30 p.m., coupled with Portugal and France. Minimum price, EUR -0.5/MWh was reached on Sunday at 12:15 p.m., coupled with Portugal.
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The SWE grid coupling was 40%, higher than recorded the previous week, 21%:
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- Spain-Portugal: 93%
- Spain-France: 41%
- SWE (ES-PT-FR): 40%
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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 137.3/MWh
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Spanish IM
EUR 141.8/MWh
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Portugal DAM
EUR 137.6/MWh
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France DAM
EUR 153.2/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 6.8 GW
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- Solar PV was the first source of electricity during 45% of the week, followed by gas (26%) and wind (18%)
- Hourly renewable share fluctuated between 27% and 77% of total generation, compared to the previous week, 26% and 77%. Wind's maximum share reached 41% 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 1 TWh, 42.7% higher than the previous week.
- Solar PV generation was 2.1 TWh, 1.1% 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 55.4/MWh
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Portugal
EUR 50.4/MWh
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Spain
EUR 155.3/MWh
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Portugal
EUR 159.9/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 surged as successive attacks on oil tankers, Iranian shipping assets and Saudi energy infrastructure reinforced concerns that key export routes could remain severely constrained for an extended period. While previous rallies had been driven by fears of supply interruptions, this week investors focused on the growing impact on physical crude flows, tightening global balances and rising transport costs. As a result, Brent briefly approached USD 110/bbl, its highest level since May. Overall, settlements increased from USD 97.00/bbl (Monday) to USD 104.61/bbl (Friday), within a range of USD 95.97–109.97/bbl.
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European gas prices reached their highest levels since January 2023 as markets increasingly focused on Europe’s difficult path towards winter. Escalating US–Iran hostilities, constrained LNG flows through the Strait of Hormuz, and growing competition for cargoes pushed the TTF to fresh multi‑year highs above EUR 80/MWh. Beyond geopolitics, concerns over storage levels remained a key driver. EU inventories stood at just 55.2% of capacity, compared to 74.2% a year ago, marking the lowest level for this time of year since Gas Infrastructure Europe began compiling records in 2011. Overall, settlements increased from EUR 73.31/MWh (Monday) to EUR 79.52/MWh (Friday), within a range of EUR 72.41–83.06/MWh.
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European carbon prices reached their highest levels since late July as compliance buying ahead of the 30 September deadline combined with strong energy prices to support the market. Carbon markets remained closely aligned with movements in gas and oil. Despite speculative investors increasing their net long position for the first time in four weeks, positioning remained close to a four‑month low, suggesting that compliance demand and energy fundamentals were the main drivers of the recent gains. Overall, settlements increased from EUR 84.74/t (Monday) to EUR 85.52/t (Friday), within a range of EUR 83.91–86.66/t.
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Finally, power futures skyrocketed. Q4 26 closed rising 10% at EUR 147.4/MWh, while Q1 27 rose by 13% to EUR 127.5/MWh. Q2 27 rose by 12.3% to EUR 61/MWh. For annual contracts, Cal 27 rose by 13.9% to EUR 92.8/MWh, and Cal 28 rose by 7.6% to EUR 65.5/MWh.
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