Electricity prices across Southeast Europe (SEE) fell sharply in Week 05, driven by a combination of weaker demand, stronger renewable generation, and reduced reliance on thermal output. All monitored markets recorded week-on-week price declines, confirming a broad-based easing of market fundamentals. The steepest corrections were observed in Serbia (-29.9%), Bulgaria (-25.5%), Romania (-22.7%), and Greece (-21.3%), where the drop was primarily driven by increased wind and hydropower availability, alongside lower system load that eased marginal pricing pressure from gas and coal-fired generation. Hungary (-18.1%) and Croatia (-14.1%) also saw notable declines, reflecting improved regional supply conditions and increased export availability from neighbouring systems with strong RES output. Despite already low absolute prices, Türkiye recorded a further -12.4% decrease, supported by robust wind and hydro generation and lower gas consumption. Italy showed greater resilience, with a more moderate -4.7% week-on-week decline, as continued import dependence and sustained demand limited downside pressures despite higher renewable generation.
In Central Europe, price movements were mixed. Slovakia (-5.7%), Slovenia (-11.9%), and Austria (-14.0%) recorded notable declines, while Switzerland (-3.6%) eased modestly. The Czech Republic (+1.4%) and Germany (+2.4%) posted small increases, reflecting tighter system conditions. Prices ranged from €112/MWh to €145/MWh. Slovakia had the highest average price at €145/MWh (-5.7% w-o-w), followed by Switzerland at €142.62/MWh. France recorded the lowest, but still elevated, price at €111.50/MWh, after an 8.52% increase compared to the previous week. During Week 05 of 2026, the European wholesale electricity market averaged €120.48/MWh, with limited price dispersion across regions. Weekly prices ranged from €17.25/MWh in Portugal to €154.85/MWh in Poland, with the most pronounced moves in Iberia: Spain (-63.8%) and Portugal (-72.8%) experienced exceptional price collapses, likely due to very strong renewable generation combined with weak demand.
In Southern Europe, most SEE countries recorded prices above €100/MWh, except Serbia and Türkiye. Prices ranged from €53/MWh to €146/MWh. Türkiye registered the lowest weekly average at €52.84/MWh, with Serbia as the second cheapest at €97.63/MWh, following a sharp -29.93% decline. Hungary had the highest weekly average at €145.51/MWh (-18.07% w-o-w). Croatia and Romania also ranked among the most expensive markets at €141.17/MWh and €140.76/MWh, respectively. Daily price peaks occurred on Tuesday, January 27, while the lowest levels were observed on Sunday, February 01. As Week 06 began, Day-Ahead prices ranged from €75.99/MWh in Montenegro and €87.00/MWh in Albania, to €132.37/MWh in Slovakia and €132.57/MWh in Hungary.
Regional electricity demand declined markedly in Week 05, reflecting milder weather and lower heating load across SEE. Total consumption fell by -5.1% w-o-w (-992 GWh), confirming a broad-based softening in system load. Greece recorded a pronounced -8.9% decline to 1.06 TWh, reflecting easing temperatures and lower residential demand. Bulgaria (-11.7%) and Hungary (-8.3%) also posted sharp reductions, following elevated demand in the previous week. Serbia (-8.4%) and Croatia (-7.3%) mirrored this trend, while Romania’s decrease was more moderate (-3.7%), suggesting stable industrial and commercial load. Türkiye, the largest market, saw demand fall by -6.1%, contributing nearly half of the regional reduction. Italy remained resilient with only -1.0% w-o-w decline, supported by sustained industrial demand and lower weather sensitivity.
Electricity generation from variable renewables in SEE increased decisively during Week 05, with total wind and solar output rising by 20.2% w-o-w. The surge was driven almost entirely by improved wind conditions, which offset a decline in solar. Wind generation jumped 35.0% w-o-w regionally (+700 GWh). Greece recorded the largest relative increase (+176%), while Türkiye contributed the most in absolute terms (+300 GWh, +31.8%). Romania also posted solid gains (+66.3%), and Italy saw a moderate increase (+14.4%). Conversely, Hungary, Croatia, and Serbia experienced declines. Solar output fell -15.1% regionally, with Greece showing the steepest absolute decline (-181 GWh, -50.4%), while Italy partially offset this with a 37.7% increase.
Hydropower output strengthened across SEE (+22.7% w-o-w, +470 GWh). Türkiye led in absolute growth (+265 GWh, +27.2%), Croatia posted the sharpest relative increase (>700%), and Italy improved by +12.4%. Moderate gains were seen in Greece (+6.2%), Romania (+5.4%), and Hungary (+51.1% relative). Bulgaria (-24.6%) and Serbia (-16.3%) recorded declines, indicating localized hydrological weakness.
Thermal generation fell markedly (-15.6% w-o-w), with the largest reductions in gas-fired output (-20.8%), particularly in Türkiye (-40%) and Italy (-11.6%). Coal/lignite generation decreased more moderately (-5.8%), with reductions in Bulgaria and Turkey, and a sharp cut in Greece, while Italy slightly increased from a low base.
Cross-border electricity balances shifted in Week 05, reflecting lower demand and stronger renewables. Net imports declined -13.9% w-o-w (-195 GWh). Romania and Bulgaria saw the largest drops (-57.5% and -65.1%), while Hungary decreased -12.1%. Serbia increased net imports by 21.6%, Italy rose to over 900 GWh (+8.5%), and Greece expanded net exports to -312 GWh (+20.2%). Croatia shifted from net importer to net exporter due to strong hydropower generation, highlighting the sensitivity of cross-border balances to hydro conditions. Türkiye remained a net exporter with marginally lower volumes.
