The electricity market across Southeast Europe (SEE) has experienced significant price declines in Week 09 of March 2023, indicating a shift towards a more favorable supply-demand balance. Greece saw its prices decrease by 13.46%, settling at €54.07/MWh. Bulgaria and Romania reported even sharper price corrections of 22.71% and 21.72%, respectively, reflecting easing market pressures in the eastern Balkans. Other countries also showed substantial decreases, with Hungary down by 19.67% and Croatia by 18.15%. Serbia’s prices fell by 14.48%, while Turkey exhibited the most pronounced adjustment, with a decline of 29.77%. In stark contrast, Italy was the only market to record a price increase, rising by 1.76% to €106.67/MWh, thereby maintaining its premium over neighboring markets.
Most SEE countries reported electricity prices below €100/MWh, with Turkey having the lowest weekly average at €20.74/MWh and Serbia following at €46.83/MWh after its recent drop. Italy’s average stood out as the highest at €106.67/MWh, while Hungary’s prices reached €86.09/MWh, positioning it among the more expensive markets in the region. Notably, daily peaks in pricing occurred on January 17, while March 1 marked the lowest prices observed during this period.
Regional corrections were evident across various markets; Poland’s prices fell by 20.62% to €90.37/MWh, while the Czech Republic and France followed suit with declines of 20.25% and 20.80%, respectively. Austria’s decrease was recorded at 19.81%, with Slovenia down by 18.73% and Germany reducing its prices by nearly 13%. The Netherlands and Belgium also experienced downward trends, though Slovakia and Switzerland exhibited only marginal adjustments, suggesting relative stability in those markets.
As Week 10 commenced on March 4th, Day Ahead prices reflected an upward trend across several markets, ranging from €99.58/MWh in Serbia to €142.64/MWh in Hungary and €143.60/MWh in Slovakia.
Electricity demand across the region softened during Week 09, with total consumption dropping by 1.87% week-on-week to approximately 17,429 GWh due to milder weather conditions that lessened load requirements. Hungary led with a contraction of 12.34%, followed closely by Croatia at -11.28%. Romania and Bulgaria recorded moderate decreases of -5.79% and -5.47%, respectively, while Italy’s demand fell by -4.22%. Greece saw a slight reduction of -1.80%, whereas Turkey diverged from this trend with a notable increase of 3.71%, adding nearly 250 GWh to its weekly total.
Renewable energy generation within the SEE region displayed volatility during this period, as wind and solar output decreased significantly by around 24% week-on-week to approximately 2,996 GWh due largely to diminished wind production levels. Italy faced the steepest decline in renewable energy supply with wind output plummeting by over three-quarters; however, this was partially offset by a modest increase in solar generation of about 4%. Croatia mirrored this trend with similar losses in renewable energy output driven primarily by reduced wind generation.
Conversely, Hungary and Bulgaria experienced remarkable growth in renewable energy generation during this timeframe; Hungary reported an increase of over 108%, primarily attributed to strong solar performance driving its output higher.
Hydropower generation strengthened across SEE markets with an overall increase of nearly 6% week-on-week to approximately 3,887 GWh—helping to offset weaker wind production levels observed throughout various regions such as Turkey and Croatia which led gains in hydropower output.
Thermal power generation also rose week-on-week by approximately 4% to around 6,270 GWh as it compensated for weaker wind output amid changing demand patterns; Turkey led thermal generation increases driven largely by coal production surging over ten percent.
Cross-border electricity flows underwent significant changes as well; net imports dropped sharply by about 79% to approximately 1,552 GWh due to a rebalancing of regional trade dynamics—Bulgaria’s net imports fell dramatically by nearly all available volume while Hungary’s decreased significantly as well.
This comprehensive overview underscores key developments within Southeast Europe’s electricity market landscape during early March—a period characterized predominantly by falling prices alongside shifts in both energy generation sources and cross-border trade dynamics.
