Electricity prices across the Southeast Europe (SEE) region extended their downward correction in Week 06, with declines visible in almost all markets, signaling a shift toward looser regional fundamentals. Greece fell back below the key €100/MWh mark, easing -5.75% week-on-week to €99.68/MWh amid softer demand and a better system balance. Italy posted a sharper -8.95% drop to €128.15/MWh as milder weather reduced load and generation availability improved. The bearish mood was even clearer in the Balkans: Bulgaria and Romania both settled at €127.43/MWh, with Romania among the steepest fallers (-9.47%). Hungary slid -9.53% to €131.64/MWh, while Croatia saw the region’s largest decline (-9.96%) to €127.11/MWh. Türkiye remained structurally decoupled, dipping only -5.03% to €50.18/MWh thanks to strong domestic generation. Serbia was the sole exception, inching up 0.93% to €98.54/MWh.
Across Europe, wholesale electricity prices recorded a broad and sharp correction in Week 06, reflecting easing system tightness. Central and Eastern Europe showed strong downward momentum, with Slovakia down -14.10% to €124.81/MWh and the Czech Republic -11.18% to €122.00/MWh. Poland dropped -17.43% to €127.86/MWh as demand softened and cross-border flows improved, while Slovenia eased -9.95% to €126.52/MWh. In Western Europe the correction was even more pronounced: France plunged -27.69% to €80.63/MWh on improved nuclear availability and weaker demand. Germany declined -13.71% to €107.60/MWh, and both Austria and Switzerland fell -9.34%. Benelux markets followed the bearish tone, with Belgium and the Netherlands posting double-digit declines. The IPEX markets saw the most dramatic shifts, as Spain collapsed to €13.18/MWh and Portugal to just €4.56/MWh, driven by very strong renewable output and subdued demand that pushed prices close to marginal-cost levels.
At the start of the current week, prices continued trending lower. Day-ahead prices on February 11 ranged from €69.49/MWh in Albania and €71.70/MWh in Serbia to around €124/MWh in Slovenia and Hungary, illustrating ongoing regional dispersion but an overall downward bias.
Regional electricity demand softened slightly in Week 06, slipping -0.7% week-on-week to 18.33 TWh, suggesting stable weather and limited temperature effects. Italy recorded the largest absolute drop (-78 GWh), while Greece declined -2.9% on milder conditions. Hungary and Croatia posted moderate contractions, and Romania was broadly flat, indicating stable underlying demand. Bulgaria stood out on the upside with a 3.6% increase.
Variable renewable generation in SEE decreased -6.0% week-on-week to 3.26 TWh, as weaker wind outweighed supportive solar output. Wind generation fell -10.9% regionally, while solar rose 13.0%, partly cushioning losses. Greece and Croatia both saw notable wind-led declines, and Türkiye recorded the largest absolute drop as wind fell sharply. In contrast, Serbia’s output more than doubled from a low base, entirely wind-driven, and Hungary rebounded strongly on higher wind and solar. Italy also posted gains in both wind and solar, offering a positive counterbalance within the region.
Hydropower generation delivered a strong rebound, rising 26.4% week-on-week to 3.06 TWh on improved hydrology and higher reservoir use. Türkiye was the main driver with a 37.2% surge, while Croatia posted an exceptional jump from a very low base. Greece and Romania also improved, adding flexibility to their mixes. Bulgaria and Hungary saw mild declines, and Italy remained broadly stable. Overall, the hydro recovery helped offset weaker wind output.
Thermal generation across SEE declined -6.35% to 8.36 TWh, mainly due to a -10.31% drop in gas-fired output, while lignite and coal were broadly flat. Italy and Türkiye both reduced thermal output on lower gas burn, and Bulgaria and Hungary posted notable declines linked to weaker coal use. Romania slightly increased thermal generation as higher coal output offset lower gas. Greece and Croatia were largely stable, showing only marginal changes.
Cross-border electricity flows intensified, with net imports up 10.5% to 1.33 TWh. Bulgaria recorded the sharpest shift, with imports surging as its domestic balance tightened. Italy remained the dominant importer, reinforcing its structural reliance on cross-border supply, while Hungary’s imports were broadly stable. Overall, stronger imports and moderating exports reflected an increasingly interconnected and dynamically balanced regional market.
