In Week 22, covering 25–31 May 2026, Italy posted the top weekly average day-ahead electricity price in the SEE-linked group at €123.58/MWh, up 6.3% week-on-week. The same period saw a 28.3% increase in net electricity imports to more than 1.1 TWh. Prices were reported to be well above levels seen in Greece, Bulgaria, Romania, Croatia, Hungary and Serbia.
Imports rise as Italy’s price stays above regional peers
The import data indicated that Italy was drawing power from neighbouring systems while still clearing at a premium versus the rest of the SEE-linked group. The weekly pricing outcome was described as a signal of how interconnector value is being reflected in regional spreads. According to Electricity.trade, interconnector value in Southeast Europe is increasingly defined by scarcity spreads rather than simple energy volumes.
Wind weakness tightens the Italian system balance
Italy’s tighter balance coincided with a sharp drop in wind generation alongside higher demand and increased thermal output. Regional wind output fell by 30.0%, with Italy accounting for a large share of the decline as wind generation there dropped by 49.9%. Over the same week, Italian electricity demand rose by 10.8%, adding 505 GWh week-on-week.
The shift in supply and demand led the system to rely more on dispatchable generation. Thermal production in Italy increased by 32.6%, while gas-fired generation rose by 25.3%. The figures were presented as evidence that the market response included higher domestic gas-fired output rather than only importing lower-priced electricity from abroad.
Interconnector spreads and generation stack dynamics
The Week 22 pattern linked Italy’s premium to trading conditions across neighbouring markets when Italy clears above €120/MWh. Export routes into Italy were described as gaining value under those circumstances. Traders with access to Slovenia, Croatia, Greece or other interconnected positions could monetize spreads if interconnection capacity is available.
The same setup was also associated with exposure to structural constraints when domestic marginal generation remains gas-linked and wind availability declines. For generators, Italy remained one of the strongest revenue markets in the regional system during the period described. Industrial buyers were characterised as among those most exposed to gas-price risk, while storage investors were noted as having an arbitrage opportunity due to potential solar-led midday weakness alongside evening scarcity when wind underperforms.
