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VOL 9 | NUM 3 | 22 September 2026
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IBERIA | 14 - 20 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:
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Day Ahead Market prices remained elevated amid strong demand and record gas prices
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The average price of Day-Ahead Market in Spain reached EUR 132.1/MWh last week, registering a decrease of -3.8% compared to the previous week's average (EUR 137.3/MWh). This weekly price was 78% higher than 2025 (EUR 74.3/MWh) and 80% higher than in 2024 (EUR 73.4/MWh).
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YTD average is EUR 71.5/MWh, 12% higher than YTD value in 2025 (EUR 63.7/MWh) and 38% higher than YTD value in 2024 (EUR 51.9/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 -2%, reaching 6.51 TWh, compared to the 6.64 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 2 pp
- Gas generation share decreased by 1.7 pp
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Global renewable energy share increased from 59.7% to 61.2% 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 exceptionally high throughout the week, with recurring morning and evening peaks above EUR 200/MWh. Higher renewable generation helped moderate prices during midday hours, pushing them down to floor levels on most days. Nevertheless, elevated gas prices continued to drive one of the highest weekly price profiles of 2026.
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The weekly maximum was EUR 300/MWh, reached on Monday at 7:45 p.m. and between 8:15 p.m. and 9:00 p.m., coupled with Portugal and partially with France. Minimum price, EUR -1.14/MWh was reached on Sunday at 1:30 p.m., coupled with France.
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The SWE grid coupling was 35%, lower than recorded the previous week, 40%:
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- Spain-Portugal: 87%
- Spain-France: 43%
- SWE (ES-PT-FR): 35%
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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 132.1/MWh
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Spanish IM
EUR 132.5/MWh
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Portugal DAM
EUR 132.4/MWh
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France DAM
EUR 131.7/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 GW, with all the nuclear fleet operative
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- Solar PV was the first source of electricity during 44% of the week, followed by wind (25%) and gas (18%)
- Hourly renewable share fluctuated between 28% and 78% of total generation, compared to the previous week, 27% and 77%. Wind's maximum share reached 51% 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 1.1 TWh, 12.4% higher than the previous week.
- Solar PV generation was 2 TWh, 4.6% 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 50.7/MWh
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Portugal
EUR 46.9/MWh
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Spain
EUR 144/MWh
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Portugal
EUR 139.7/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 remained at elevated levels. The shutdown of Saudi Arabia’s East-West Pipeline following a drone attack highlighted the vulnerability of one of the region’s main alternatives to the Strait of Hormuz, raising fresh concerns over global supply security. Prices reached four‑month highs (USD 109.80/bbl) early in the week. However, they later eased as Saudi Arabia moved to partially restore export capacity and reroute volumes through Oman. Overall, settlements fell from USD 105.68/bbl (Monday) to USD 103.87/bbl (Friday), within a range of USD 101.53–109.80/bbl.
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European gas prices started the week at multi‑year highs, supported by escalating US–Iran hostilities, restricted LNG flows through the Strait of Hormuz and concerns over winter supply adequacy. The TTF briefly reached EUR 84.50/MWh on Monday, its highest level since late 2022, as the market continued to price in a tight supply outlook. EU storage levels reached just 68.8% of capacity, compared to 80.8% a year ago, marking the lowest level for this time of year since records began in 2011. Norwegian outages and reduced nuclear availability in France also continued to underpin the market. Overall, settlements decreased from EUR 82.57/MWh (Monday) to EUR 79.52/MWh (Friday), within a range of EUR 75.60–84.50/MWh.
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European carbon prices reached their highest levels since July as strong energy prices and compliance buying ahead of the 30 September deadline continued to support demand. Prices briefly climbed above EUR 88/t at the start of the week, following the rally across gas and oil markets linked to the escalating Middle East conflict. Overall, settlements increased from EUR 87.99/t (Monday) to EUR 86.89/t (Friday) within a range of EUR 84.07–88.53/t.
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Finally, power futures decreased. Q4 26 closed decreasing 0.7% at EUR 146.4/MWh, while Q1 27 decreased by 1.3% to EUR 125.9/MWh. Q2 27 decreased by 7% to EUR 56.7/MWh. For annual contracts, Cal 27 decreased by 4.6% to EUR 88.5/MWh, and Cal 28 decreased by 5.8% to EUR 61.7/MWh.
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