During Week 38 of 2025, electricity market prices in Southeastern Europe (SEE) eased significantly compared to Week 37. All markets reported weekly average prices below €90/MWh, except Italy. The decline was driven by lower gas and CO2 emission allowance prices, reduced demand in most markets, and increased availability of renewable generation. Average electricity prices across SEE were around €79/MWh, starting the week high, peaking on Tuesday, September 16, and falling by week’s end. Romania and Croatia saw the largest price drops at -27.82% and -27.11%, followed by Greece (-26.15%), Bulgaria (-23.78%), and Serbia (-22.59%). Italy, the most expensive market, recorded a modest decrease of -1.39%.
In Central Europe, most electricity prices were below €100/MWh in the third week of September, with many below €80/MWh and some even under €60/MWh. This was supported by higher solar output, recovery of wind production in Germany and Italy, and slightly lower gas prices. Switzerland remained the most expensive market at €91.87/MWh, down -8.03% from Week 37, while Slovenia averaged €75.19/MWh. France recorded the lowest price at €32.91/MWh, up 24.85%. Across Europe, weekly average prices were about €73/MWh, ranging from €32.91/MWh in France to €109.61/MWh in Italy. In the MIBEL markets, Spain and Portugal saw significant price increases of 21.37% and 21.24%, reaching €74.34/MWh and €74.39/MWh, respectively.
In Southern Europe, Week 38 prices were below €90/MWh except for Italy. Türkiye posted the lowest weekly average at €51.21/MWh, followed by Greece at €74.58/MWh. Italy remained the highest at €109.61/MWh, down 1.39%. Hungary and Serbia also ranked among the more expensive markets, at €84.93/MWh and €82.97/MWh. Most SEE markets recorded their highest daily prices on Tuesday, September 16, and the lowest on Sunday, September 21. At the start of the following week, Day-Ahead prices ranged from €99.10/MWh in Bulgaria and €100.12/MWh in Greece to €111.87/MWh in Hungary and €118.79/MWh in Montenegro.
Electricity demand in the SEE region fell by -2.31% compared to Week 37, totaling 16,480.43 GWh. Greece and Croatia experienced the largest drops (-5.92% and -4.98%), while Italy and Türkiye saw smaller declines (-1.21% and -1.78%).
Generation from variable renewables rose by 21.5% to 3,667.28 GWh, driven mainly by a 36.6% surge in wind output to 1,910.45 GWh and an 8.5% increase in solar generation to 1,756.83 GWh. Greece and Hungary recorded the highest wind gains (125.1% and 102.2%), while Hungary and Italy saw the largest solar increases (31.5% and 20.2%). Hydropower output fell by -13.26% to 1,636.01 GWh, primarily due to declines in Bulgaria, Türkiye, and Greece (-39.78%, -15.25%, and -11.40%), whereas Hungary and Serbia saw increases (196.36% and 4.19%).
Thermal generation dropped -9.69% to 7,080.42 GWh, driven by decreases in coal (-2.59%, 3,231.11 GWh) and gas-fired generation (-14.90%, 3,849.52 GWh). Türkiye’s coal output slightly recovered (+0.17%) while gas fell -27.45%. Bulgaria saw coal generation rise by 4.31% and gas by 20.45%, whereas Greece’s coal and gas output fell -60.03% and -31.93%.
Cross-border electricity trade showed a decline in net imports by -8.36%, reaching 1,227.82 GWh. Exports surged 54.0% to 161.58 GWh, while imports fell -30.5% to 1,389.40 GWh. Romania, Hungary, and Croatia saw sharp net import reductions, particularly Romania (-57.78%). Greece increased net exports by 121.21%, while Bulgaria’s net exports slightly decreased by -6.54%, likely reflecting temporary or external factors.
