Cross-border electricity trading intensified across Southeast Europe during Week 22, with total regional exchanges up 8.4% week-on-week to 1,117 GWh. Greece, Bulgaria and Türkiye increased exports, while Italy, Romania and Croatia recorded higher imports. The shift was reported as part of a broader move in market activity toward spread capture and interconnector access .
Italy and Greece drive contrasting positions
Italy was the largest destination for additional volumes, with net imports rising 28.3% to more than 1.1 TWh. The Italian price increased to €123.58/MWh, aligning higher demand with a higher-price market. Greece moved in the opposite direction, strengthening net exports by 35.7% to 241 GWh. Greece also maintained a lower weekly price of €86.77/MWh.
Bulgaria improved its export position from 6 GWh to 61 GWh, supported by a solar-driven supply boost and an 11.3% weekly price decline. Türkiye nearly tripled exports to 95 GWh, following a collapse in prices to €4.03/MWh. These changes were linked to the ability to monetise generation through cross-border channels within available capacity .
Romania, Croatia and Serbia show different import dynamics
The import side included increases in Romania and Croatia, with Romania’s net imports up 27.1% and Croatia’s up 36.5%. Italy also raised net imports by 28.3%. Hungary reduced its net import position by 18.7%, while Serbia’s imports remained broadly stable despite a 30.1% price surge.
The Serbian pattern highlighted that higher prices do not necessarily translate into higher import volumes when congestion, availability, scheduling and commercial positioning affect flows . For market participants, the reported focus is on interconnector capacity, auction prices and hourly spreads alongside renewable output, hydro availability and thermal marginality. Balancing risk was also identified as part of the factors influencing trading outcomes.
Flexible assets gain relevance as spreads widen
The reported increase in cross-border activity was also connected to value for flexibility options as spreads widen and flows intensify . Batteries, pumped storage, flexible hydro, demand response and dispatchable gas were cited as benefiting under those conditions. Renewable projects were also described as gaining when export capacity reduces curtailment and improves capture prices.
The Week 22 total of 1,117 GWh of cross-border exchanges was described as evidence that integration is occurring while remaining incomplete. In that context, price spreads were characterised as becoming central to trading rather than acting only as background variation .
