Italy’s role as the main import market in Southern Europe kept regional power spreads open in Week 24. Even though its day-ahead price fell 3.8%, Italy remained the highest-priced SEE comparator at €123.17/MWh. The premium was large against Serbia at €78.22/MWh, Türkiye at €22.85/MWh, Greece at €91.53/MWh and Bulgaria at €93.58/MWh.
The spread was supported by demand. Italian electricity consumption increased by 319.8 GWh, or 6.7%, to 5.12 TWh, the largest absolute weekly increase in the region. Higher load pushed Italy to rely more heavily on imports, with net imports rising 130.9 GWh, or 13.8%, to 1.08 TWh.
Italy’s domestic dispatch also tightened. Thermal generation increased by 191.1 GWh, or 17.6%, with both coal and gas plants contributing. That combination of higher demand, higher imports and higher thermal generation explains why Italy remained at a premium even during a week of broader regional price softness.
The spread creates opportunities for neighbouring systems, especially when renewable output rises. Bulgaria expanded net exports by 103.2%, Greece reduced net imports sharply, and Türkiye strengthened its export balance by 53.1%. Italy effectively absorbed a large share of the regional surplus.
For traders, Italy’s market position remains central to SEE strategy. When Italian demand rises, cross-border capacity becomes more valuable, and lower-priced Balkan generation can find a stronger commercial outlet. The question is not whether Italy will remain a premium market, but how often interconnector availability allows surrounding markets to capture that premium.
Italy’s import dependence continues to shape regional price formation. It is the price anchor, the demand sink and one of the main reasons why SEE cross-border spreads remain commercially relevant during the summer period.
