Iberian Energy Pricing Trends - 3 Dec. 2020

Electricity and natural gas prices in Spain and Portugal, both in the futures and spot markets, seem to be stabilizing in the last few days after the upward trend seen in November and specially during the last ten days of the month. The average price in November, compared to its average in the month before, was 15% higher in the electricity spot market, and 7% higher in the natural gas spot market.

Futures markets for next year also ended the month of November 7% higher than at the end of October for electricity and natural gas due to results of successful coronavirus vaccines tests published in the last few weeks. At current levels futures markets continue to be, in general, below previous relative highs seen in August this year, but have got very close to those relative highs for most futures products.

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Manuel Nuño

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