In Week 17 of 2025, wholesale electricity prices declined across most Southeast European (SEE) countries, mainly due to a drop in natural gas prices and an increase in renewable energy generation. Spot prices across continental Europe have more than halved since early 2025, driven by a significant fall in regional gas costs, which are down by about one-third since January. The week started with electricity prices exceeding €100/MWh, but prices steadily declined throughout, reaching below €60/MWh by Sunday, April 27.
Among the SEE countries, Italy and Türkiye recorded the most substantial declines in electricity prices, down by 12.68% and 8.24% respectively. Greece and Croatia followed with decreases of 4.41% and 2.26%, while Bulgaria’s prices slipped by 1.78%. In contrast, Serbia and Romania were the only countries in the region to register price increases, at 2.44% and 0.63% respectively.
Across Central Europe, electricity prices also saw significant declines, staying below €85/MWh during the last week of April. This trend was largely due to reduced electricity demand, linked to higher temperatures, and declining gas prices. Prices ranged from €36 to €84/MWh. Slovenia recorded the highest average at €83.89/MWh, down 1.49% from the previous week, followed closely by Germany at €82.69/MWh. France, while experiencing a sharp weekly increase of 59.08%, remained the cheapest in the region at €58.67/MWh. In the broader European context, weekly average prices were around €77/MWh, ranging from €36.20/MWh in Portugal to €88.95/MWh in Italy. The MIBEL markets (Portugal and Spain) saw steep increases of 180.62% and 176.89%, reaching €36.20/MWh and €37.63/MWh, respectively.
Within the SEE region, all countries recorded prices below €90/MWh. Türkiye posted the lowest weekly average at €56.80/MWh, followed by Bulgaria at €81.46/MWh. Italy reported the highest at €88.95/MWh, despite its double-digit weekly drop. Serbia was next with €87.30/MWh. The highest daily prices in most SEE markets were observed on April 22 and 24, while the lowest occurred on Sunday, April 27.
Electricity demand in SEE countries dropped significantly, down 18.32% from Week 16, totaling 13,479.11 GWh. The decrease was largely attributed to warm weather reducing heating needs. Bulgaria experienced the largest fall in demand at 32.86%, followed by Hungary (32.23%) and Romania (29.56%). Other countries also posted declines: Serbia by 28.62%, Italy by 19.43%, Croatia by 16.15%, and Greece by 13.79%.
Renewable energy output presented a mixed picture. Variable renewable generation in SEE fell by 8.8% compared to the previous week, totaling 1,814.34 GWh. Wind generation accounted for the largest drop, down 37.4% to 745.68 GWh. Major declines occurred in Serbia (76.1%), Romania (62.2%), Greece (60.8%), and Italy (53.6%), while Türkiye saw a slight increase of 1.7%. In contrast, solar generation rose sharply by 33.7% to 1,068.66 GWh. Greece led this increase with a 77.2% jump, followed by Italy with 34.5%.
Hydropower output in SEE increased modestly by 2.18%, reaching 2,630.41 GWh. Greece and Italy registered the largest percentage increases in hydro generation at 40.64% and 17.02%, respectively. Türkiye contributed the most in absolute terms, adding 132.17 GWh with an 8.14% rise. Meanwhile, Bulgaria, Croatia, and Romania saw declines in hydropower output of 37.79%, 21.39%, and 10.51%, respectively.
Thermal power generation fell by 12.19% across SEE, totaling 4,965.59 GWh. This included a 1.04% increase in coal-fired output (2,448.15 GWh) and a sharp 22.11% drop in gas-fired generation (2,517.44 GWh). Türkiye saw its coal-fired production rise by 2.00%, while gas-fired output fell by 24.43%. Greece experienced a notable 452.43% increase in lignite generation, paired with a 1.99% decline in gas-fired output. Bulgaria posted declines in both coal (-17.71%) and gas (-23.46%) generation. Italy’s coal generation edged up by 1.48%, while gas production dropped by 26.29%.
Cross-border electricity trade activity also shifted. Net imports into SEE countries fell by 35.60% week-on-week to 756.96 GWh, largely driven by Italy’s reduced imports. Meanwhile, regional electricity exports rose by 33.9% to 139.27 GWh, and imports decreased by 30.0% to 896.24 GWh. Hungary, Türkiye, Italy, and Greece experienced significant reductions in net imports of 78.96%, 78.69%, 42.81%, and 6.22%, respectively. On the other hand, Croatia and Romania saw their net imports surge by 231.63% and 48.42%. Bulgaria increased its electricity exports by 33.87%.
