Week 24 highlighted once again how structurally fragmented Southeast Europe’s electricity markets remain. While regional averages generally moved lower, each country continued to follow a distinct path shaped by its own mix of demand, generation structure, and cross-border trade dynamics.
Serbia recorded the most pronounced price correction in the region. The average day-ahead price fell by 21.5% to €78.22/MWh, supported by a strong 76.8% increase in variable renewable output and only modest demand growth of 2.0%. Despite this downward price pressure, coal generation still rose by 66.0 GWh, while SEEPEX trading activity remained relatively shallow at just 120 GWh, limiting the depth and reliability of the price signal for hedging and long-term contracting.
Italy continued to act as the region’s premium demand hub and key import sink. Prices averaged €123.17/MWh even after a weekly decline. Demand increased by 6.7% to 5.12 TWh, net imports reached 1.08 TWh, and thermal generation rose 17.6%, while LNG inflows recovered strongly to 3,803.52 GWh. This combination of high consumption, import dependence, and fuel-backed generation kept Italy firmly at the top of the regional price hierarchy and ensured its continued role in absorbing surplus electricity from neighboring markets.
Greece moved in the opposite direction to the broader regional price trend. The average price rose 2.6% to €91.53/MWh, driven by a 5.8% increase in demand to 1.01 TWh. Although solar generation increased by 22.8%, this was offset by a 31.4% drop in wind output and a 17.3% decline in hydro generation, leaving the system more exposed to imbalances in renewable supply.
Bulgaria strengthened its role as a regional export and balancing hub. The average price declined by 7.2% to €93.58/MWh, while demand increased by 3.0%. Even with hydro output falling 21.8%, a combination of renewable and thermal generation supported a sharp 103.2% increase in net exports, reinforcing Bulgaria’s importance in Balkan power flows and cross-border stability.
Hungary reduced its reliance on imports but remained structurally expensive. Net imports dropped by 60.3%, and renewable output increased by 21.2%, yet the average price still reached €98.71/MWh. On June 17, Hungary recorded the highest daily price in Southeast Europe at €123.79/MWh, reflecting continued sensitivity to Central European market tightness.
Croatia experienced softer prices driven primarily by hydro conditions rather than strong renewable expansion. Variable renewable output declined by 35.9%, but hydro generation increased by 43.5%, helping reduce net imports by 8.9%. LNG inflows remained stable at 640.83 GWh, while the average price fell to €92.02/MWh, showing the stabilizing role of hydro flexibility.
Türkiye remained structurally decoupled from the rest of the region. The average price stood at just €22.85/MWh, while demand increased 3.8% to 6.74 TWh. Wind generation more than doubled, coal output rose by 260.6 GWh, and gas-fired generation declined 20.8%, while net exports increased by 53.1%. Türkiye continued to operate as a low-cost outlier rather than part of a converging European pricing structure.
