In Week 51 of 2024, electricity prices in the Southeastern Europe (SEE) region saw a decline, primarily due to increased wind energy production and reduced demand across most markets. Solar energy output also surged across the region. While prices dropped in every market except Türkiye, the most significant reductions were seen in Croatia and Hungary, with electricity prices falling by 40.07% and 36.11%, respectively. Romania and Bulgaria followed with declines of 35.24% and 34.14%, respectively. In contrast, Türkiye experienced a 5.83% increase in electricity prices.
Across Central Europe, weekly average spot electricity prices also trended downward. By the third week of December, electricity prices in major European markets had dropped below €100/MWh. Prices in Central European markets ranged from €52 to €126/MWh. Slovakia had the highest price at €125.90/MWh, a 34.81% decrease from Week 50, while Germany had the lowest at €51.92/MWh, reflecting a steep 70.64% reduction due to strong wind generation.
In the wider European market, the weekly average electricity price for the third week of December was around €98/MWh. Prices ranged from €51.92/MWh in Germany to €125.90/MWh in Slovakia. The Iberian Peninsula saw significant price drops in the MIBEL market, with Portuguese and Spanish prices falling by 19.23% and 19.40%, respectively, to €99.90/MWh and €99.40/MWh.
SEE market price trends
In the southern part of Europe, most SEE countries saw electricity prices above €100/MWh despite the general downward trend. Prices ranged between €70 and €121/MWh. Türkiye had the lowest weekly average at €69.74/MWh, followed by Croatia at €109.41/MWh, which ranked as the second cheapest market in SEE. Hungary had the highest price at €120.79/MWh, although this marked a 36.11% decrease from the previous week. Italy’s prices were close behind at €120.45/MWh.
In terms of electricity demand, the SEE region saw a slight increase of 1.89% compared to Week 50, totaling 17,133.95 GWh. This was mainly due to low temperatures during the early mornings and evenings, which spiked electricity demand in several countries. Türkiye, Croatia, Greece and Serbia saw their electricity demand rise by 6.65%, 5.62%, 4.42%, and 0.94%, respectively. On the other hand, Hungary, Romania, Bulgaria, and Italy experienced decreases in demand, with reductions of -7.34%, -1.94%, -1.01%, and -0.91%, respectively.
Renewable energy performance
The output from variable renewable energy sources in SEE rose by 5.1% in Week 51 compared to the previous week, reaching 2,414.91 GWh. Wind energy output saw a 0.4% increase, totaling 1,759.91 GWh. This surge was largely driven by strong winds, especially in Hungary and Italy. Wind generation increased by 83.1% in Hungary, 53.2% in Italy, 31.4% in Bulgaria, and 17.3% in Romania, while wind generation in Croatia, Türkiye, and Serbia declined.
Solar energy production also surged by 20.4% in Week 51, reaching 655.00 GWh. Hungary, Romania, and Bulgaria saw the largest increases, with solar output growing by 104.4%, 52.2%, and 49.3%, respectively. Solar power generation also increased in Italy and Greece, but at smaller rates of 17.7% and 13.2%, respectively.
Hydropower and thermal generation
Hydropower output in SEE dropped by 6.63%, totaling 1,847.99 GWh. This decline was observed in Bulgaria, Italy, Romania, and Serbia, with reductions of -32.80%, -25.81%, -5.42%, and -7.70%, respectively. Conversely, Hungary, Croatia, Türkiye, and Greece saw their hydropower output increase by 24.62%, 10.84%, 5.29%, and 3.11%, respectively.
Thermal power generation in SEE fell by 7.16%, totaling 9,071.62 GWh. Coal-fired generation decreased by 1.11%, reaching 3,696.31 GWh, while gas-fired generation fell by 10.91% to 5,375.31 GWh. Türkiye saw an increase in both coal and gas generation, with coal-fired generation up by 0.83% and gas generation rising by 19.76%. In Bulgaria, coal and gas generation fell by -24.30% and -3.42%, respectively. Italy experienced a 55.42% increase in coal generation, although its gas-fired generation fell by -26.92%. Greece saw its lignite and gas generation decrease by -65.53% and -19.26%, respectively, as renewable generation rose by 6.3%.
Cross-border electricity trade
The SEE region saw a significant increase in net electricity imports, which rose by 31.76% in Week 51 compared to the previous week, reaching 1,775.53 GWh. This was primarily due to strong performance in the Italian market. Net electricity exports from SEE dropped by 57.4%, totaling just 101.39 GWh. Electricity imports increased by 18.4%, reaching 1,876.92 GWh. Among SEE countries, Romania, Bulgaria, Hungary, and Croatia experienced a decrease in net imports, while Italy and Serbia contributed to the overall increase in imports. Greece, which had been an exporter, moved to a net importing position, registering 24.65 GWh of electricity imports.
