In Week 02 of 2026, electricity prices across Southeast Europe (SEE) experienced a notable surge, reflecting a robust increase compared to the previous week. Prices escalated by over 40% in key markets such as Bulgaria, Romania, Hungary, and Serbia, with average rates settling between €130 and €136/MWh. This surge is attributed to strong market coupling and a scarcity of affordable cross-border imports. The regional average price escalated from €89.73/MWh in Week 01 to €111.36/MWh in Week 02, marking a substantial week-on-week increase of 24.1%. Daily prices consistently surpassed €100/MWh across most SEE markets, with the exceptions being Greece and Türkiye.
The peak pricing occurred on Thursday, January 8, before stabilizing around €100/MWh towards the end of the week. Hungary and Croatia recorded the highest weekly increases at 47.10% and 46.40%, respectively, followed closely by Romania at 44.47% and Bulgaria at 41.39%. Conversely, Italy’s price increase was more moderate at 10.71%, while Greece was the only market to experience a decline in prices, indicating an enhanced system balance likely due to increased renewable output.
Electricity demand also rose significantly during this period, climbing from 16,332.11 GWh in Week 01 to 18,684.18 GWh in Week 02—a rise of 14.4%. This uptick can be attributed to severe weather conditions including heavy snow and sub-zero temperatures that prompted increased heating usage across the region. Italy led the demand growth with a remarkable increase of 34.02%, while Hungary, Bulgaria, and Croatia also saw substantial rises in consumption.
Variable renewable generation in SEE saw an uptick from 3,368.9 GWh to 3,869.1 GWh—a week-on-week increase of 14.8%, primarily driven by enhanced wind output despite a regional decline in solar generation due to weather conditions. Türkiye emerged as a significant contributor to this rise, producing over half of SEE’s total variable renewable energy output, while Romania benefited from a dramatic rebound in wind generation.
Hydropower generation surged by 26.8% week-on-week to reach approximately 1,819.27 GWh due to improved hydrological conditions across various countries. Noteworthy increases were observed in Croatia (+576%), Greece (+205%), and Serbia (+202%), although these figures were influenced by low baselines from Week 01.
Thermal generation also increased by 9.2%, totaling approximately 9,171.05 GWh for the week despite reductions in lignite and coal outputs; gas-fired generation saw a notable rise of 19%. Italy recorded the largest absolute increase in thermal generation as gas output rose significantly amid heightened demand.
Cross-border electricity flows within SEE experienced a sharp decline with net imports dropping by over one-third to approximately 813.52 GWh as Greece adjusted its net exports significantly due to lower domestic demand coupled with reduced thermal generation capacity.
This combination of rising prices and demand highlights critical operational dynamics within SEE’s power markets as stakeholders navigate fluctuating supply conditions influenced by weather patterns and energy mix adjustments.








