During Week 49 of 2025, electricity prices across Southeast Europe (SEE) showed a mixed performance, rising in five of the eight SEE countries despite lower TTF gas futures, while the remaining SEE markets recorded moderate declines. Except for Türkiye, all SEE markets posted weekly average prices above €120/MWh, bringing the regional average to around €128/MWh. Prices started the week at elevated levels, peaked on December 3, and gradually stabilized around €95/MWh by the end of the week. Greece, Serbia, Romania, Bulgaria, and Türkiye registered week-on-week increases, with Greece leading the way at +15.90% compared to Week 48. Conversely, Hungary, Croatia, and Italy recorded losses of -7.06%, -3.69%, and -0.38% respectively.
In the first week of December, weekly electricity prices in Central European markets decreased, averaging around €110/MWh. Lower electricity demand compared to the previous week and falling TTF gas prices contributed to price declines across all central European markets. Prices in the region ranged from €65/MWh to €134/MWh, with Slovakia posting the highest average at €133.59/MWh (-7.48% from Week 48), followed by Austria at €129.62/MWh. In contrast, France recorded the lowest price in Central Europe at €64.65/MWh, down -18.95% from the previous week.
The European weekly average wholesale electricity price stood at approximately €115/MWh in Week 49. Market prices showed significant variation across the continent, ranging from €64.65/MWh in France to €148.70/MWh in Poland. The Iberian (MIBEL) markets experienced notable corrections, with Spain down -9.88% to €64.51/MWh and Portugal falling -10.68% to €64.51/MWh. In Southern Europe, most SEE countries recorded prices above €120/MWh, except Türkiye, which posted the lowest weekly average at €61.25/MWh. Greece was the second cheapest SEE market at €120.33/MWh, despite nearly doubling week-on-week. Hungary had the highest weekly average at €132.47/MWh, followed by Bulgaria, Romania, and Serbia at €130.79/MWh, €130.77/MWh, and €130.27/MWh, respectively. Daily price peaks occurred on Wednesday, December 3, and the lowest levels on Sunday, December 7. As Week 50 began, Day Ahead prices ranged from €106.94/MWh in Greece and €112.80/MWh in Slovenia to €119.99/MWh in Romania and €122.75/MWh in Hungary.
Electricity demand in the SEE region increased slightly by 1.35% week-on-week, reaching 17,499.68 GWh, driven by higher consumption in half of the SEE markets. The increase was mainly due to falling temperatures, which boosted demand for heating. Bulgaria, Greece, Italy, and Türkiye recorded demand increases of 4.14%, 3.92%, 3.76%, and 1.90%, respectively. In contrast, Serbia, Romania, Hungary, and Croatia saw decreases of -15.59%, -2.66%, -1.84%, and -1.29%.
Electricity generation from variable renewables in SEE dropped sharply by -23.4% week-on-week to 2,101.73 GWh, primarily due to a steep reduction in wind output, with solar generation also declining. Wind production fell -27.0% to 1,503.33 GWh, with the largest drops in Hungary (-71.8%) and Greece (-44.1%), while Romania saw the smallest decline at -4.2%. Solar generation fell -12.8% to 598.40 GWh, mainly due to reduced output in Croatia and Hungary.
Hydropower generation continued to rise, increasing 5.48% to 2,066.68 GWh, driven by gains in Croatia, Romania, and Türkiye (+116.8%, +26.57%, and +21.10%, respectively). Conversely, Serbia, Bulgaria, Greece, and Italy experienced decreases of -59.36%, -43.29%, -23.21%, and -19.68%, respectively. Thermal generation increased 6.8% week-on-week to 9,645.22 GWh, mainly due to higher gas-fired output, while coal/lignite generation slightly declined (-1.78% to 3,589.59 GWh). At the country level, Türkiye saw coal generation drop -0.86% but gas generation rise +19.37%. In Bulgaria, gas generation increased +2.60% and coal-fired output by +19.94%. In Greece, coal-fired generation surged to 86.43 GWh (+126.84%), while gas-fired generation rose +31.67%.
Cross-border electricity exchanges in SEE saw moderate gains, with net imports rising 5.42% week-on-week to 1,262.14 GWh. Total imports increased 3.6% to 1,528.50 GWh, while exports fell -4.3% to 266.35 GWh. At the national level, Croatia and Italy increased net imports by 277.64% and 12.75%, respectively. In contrast, Bulgaria (-98.54%) and Serbia (-67.59%) reduced their importing needs. Romania, Türkiye, and Greece largely maintained their export positions, with Greece’s net exports falling -36.09%, while Romania and Türkiye increased theirs by +39.49% and +7.86%, respectively.
