Electricity prices across the SEE region recorded a sharp rebound in Week 10 compared with Week 09, with most markets experiencing substantial week-on-week increases. The escalation of the USA–Iran conflict triggered a sharp surge in electricity prices across European and regional power markets, primarily through higher gas and oil prices, disrupted LNG flows, and heightened geopolitical risk across global energy markets. The Greek market showed a strong rise of 70.9%, with the average price climbing to €92.41/MWh, while Italy maintained the highest price level in the region at €141.28/MWh, up by 32.5%. Significant increases were also observed in Bulgaria (+50.0%) and Romania (+51.8%), with prices reaching €104.22/MWh and €106.34/MWh, respectively, reflecting tighter regional market conditions. Hungary and Croatia followed with more moderate increases of 33.9% and 35.3%, while Serbia recorded the most pronounced jump in the region, nearly doubling week-on-week (+96.6%) to €92.05/MWh. Türkiye also saw a notable rise of 82.4%, although it remained the lowest-priced market in the region at €37.83/MWh.
In Southern Europe during Week 10 of 2026, most SEE countries recorded prices above €100/MWh, except Türkiye, Greece, and Serbia. Prices across the region ranged from €38/MWh to €141/MWh. Türkiye registered the lowest weekly average price at €37.83/MWh, while Serbia was the second-cheapest SEE market at €92.05/MWh, following a 96.56% increase. Conversely, Italy had the highest weekly average at €141.28/MWh, after a sharp 32.45% increase compared to the week of February 23rd. Hungary also ranked among the most expensive markets at €115.26/MWh. Most SEE markets recorded their highest daily prices on Wednesday, March 4, while the lowest levels were observed on Sunday, March 8th.
Week-on-week power prices across Central and Western Europe increased sharply in Week 10, reflecting a broad upward trend. The most pronounced surge was in France, where average prices jumped by 192%, while Portugal and Spain rose by 141.7% and 134.1%, respectively. Significant growth was also seen in Germany (+51.5%), the Netherlands (+48.2%), and Belgium (+63.2%), indicating a strong upward adjustment. In Central Europe, prices climbed markedly, with Czech Republic (+38.8%), Austria (+37.7%), and Slovenia (+33.4%) posting substantial increases, while Poland (+22.4%) and Switzerland (+20.5%) recorded more moderate rises. Slovakia also saw prices increase by 12.6% week-on-week. As the current week started, wholesale electricity prices are showing a downward trend, with Day Ahead prices on March 11 ranging from €83.53/MWh in Albania and Kosovo to €97.48/MWh in Croatia and €111.01/MWh in Hungary.
Electricity demand across the SEE region declined in Week 10, totaling 16,975 GWh, down -2.6% week-on-week from 17,430 GWh in Week 09. The decrease was observed in all monitored markets, with the most pronounced contractions in Bulgaria (-9.7%) and Romania (-8.3%), reflecting significantly lower consumption. Serbia registered a notable decline of -5.5%, while Hungary and Greece experienced more moderate reductions of -3.5% and -2.8%, respectively. Türkiye, the largest electricity consumer in the region, posted a relatively small decrease of -1.5%, though in absolute terms it represented the largest drop in demand (-108 GWh).
Variable renewable generation across the SEE region declined notably in Week 10, falling by -16.8% week-on-week to 2,536 GWh from 3,049 GWh in Week 09. The drop was primarily driven by significantly weaker wind generation, which decreased by -31.6% (-520 GWh), while solar output remained broadly stable, increasing marginally by 0.5% (+7 GWh). Türkiye, the largest wind producer, recorded the biggest absolute decline with wind generation falling -33.7% (-319 GWh), leading to a 25.3% reduction in total variable RES output despite a strong 46.4% increase in solar generation. Greece and Romania also experienced notable declines in wind generation (-33.9% and -37.5%), partially offset by moderate solar increases. Croatia and Serbia saw sharp contractions in wind output, while Hungary recorded a 5% increase in total variable RES generation due to higher solar output, and Italy experienced mixed dynamics. Overall, the decline reflects weaker wind conditions across key SEE markets.
Hydropower generation across the SEE region declined slightly in Week 10, totaling 3,683 GWh, down -3.4% week-on-week from 3,813 GWh. The decrease was driven by notable reductions in Greece (-22.3%) and Bulgaria (-33.1%), while Italy posted a moderate decline of -6.4%. Türkiye, the dominant hydropower producer, remained relatively stable (-1.4%), whereas Croatia recorded a 360% surge from a low base. Output in Serbia and Hungary remained broadly unchanged.
Thermal power generation increased across the SEE region, reaching 6,611 GWh, up 6.6% week-on-week, driven by stronger gas-fired generation. Gas output climbed by 13.9% (+451 GWh), while lignite/coal generation slightly declined -1.5% (-44 GWh). Greece recorded a notable increase (+45.7%) due to a 54.3% surge in gas generation, while Italy posted a 13.1% increase as gas-fired generation expanded. Türkiye remained broadly stable (+0.3%), and Hungary saw moderate growth (+6.5%). Conversely, Croatia’s thermal generation dropped sharply (-37%). The overall rise reflects stronger gas utilization across key markets.
In Week 10, cross-border electricity flows in the SEE region showed a contraction in net imports, declining by -16.8% week-on-week to 1,291 GWh. Italy remained the largest net importer despite a -9.1% reduction, while Hungary and Serbia reduced net imports by around -30%. Croatia surged imports by nearly 490%, and Bulgaria also increased imports strongly (+126%). On the export side, Greece expanded exports by 18.8%, Türkiye increased exports by 50.7%, and Romania shifted from a small net importer to a net exporter, marking the most significant trade balance change in the region.
