Cross-border electricity trade in Southeast Europe became more dynamic in Week 24, highlighting a region that is increasingly interconnected but still highly fragmented in pricing and flows. Regional net imports rose by 121.0 GWh, or 10.3%, reaching 1.30 TWh, with Italy once again acting as the dominant import hub absorbing surplus power from neighboring systems.
Italy reinforced its role as the region’s key demand center. Net imports increased by 13.8% to 1.08 TWh, supported by a strong rise in domestic consumption of 6.7% to 5.12 TWh and a persistent price premium at €123.17/MWh. This combination of high demand and elevated prices continued to position Italy as the main “sink” for regional electricity flows, pulling in excess supply from lower-priced markets.
Elsewhere in Southeast Europe, trade patterns moved in the opposite direction. Bulgaria significantly expanded its export position, with exports more than doubling in percentage terms, while Greece sharply reduced its reliance on imports, cutting net inflows by 63.6%. Türkiye also strengthened its export balance, supported by strong renewable generation and structurally low domestic prices.
Hungary remained a net importer but reduced its import dependence by 60.3%, while Croatia also recorded a decline in imports. Romania saw only a modest increase in net imports, and Serbia’s cross-border position remained broadly stable. Together, these shifts point to a more uneven regional flow structure rather than a synchronized market response.
The broader picture is one of divergence rather than convergence. With Serbia at €78.22/MWh, Bulgaria at €93.58/MWh, Hungary at €98.71/MWh, and Italy at €123.17/MWh, Southeast Europe continues to operate with significant price spreads between markets. These differences are not inefficiencies alone—they are the core source of trading opportunities across the region.
Cross-border capacity is therefore becoming increasingly valuable as a commercial asset. The ability to shift electricity from lower-priced surplus zones into higher-priced demand centers like Italy is now a key driver of profitability for generators, utilities, and traders. As renewable penetration grows, the market will be shaped less by national supply-demand balances and more by hourly cross-border flows, congestion constraints, and price arbitrage windows.
