LNG inflows into Southeast Europe strengthened in Week 25, but the electricity market still tightened. Greece received 722.23 GWh of LNG inflows, up 19.7% week-on-week, while Italy received 4,004.02 GWh, up 5.27%. Croatia’s LNG inflows were broadly stable at 635.84 GWh, down only 0.8%. These numbers point to a reasonably supplied gas system, yet power prices rose across much of the region.
That split is important. It shows that gas infrastructure can improve supply security without eliminating electricity price volatility. LNG helps ensure fuel availability for gas-fired plants, but it does not guarantee low electricity prices when those plants are required more heavily. In Week 25, gas-fired generation across SEE rose by 32.3%, reflecting the system’s need for dispatchable power.
Greece is a good example of the distinction. Stronger LNG inflows and higher renewable generation helped the Greek power price fall to €85.50/MWh, making it one of the cheaper SEE markets. The gas system supported flexibility, but renewables and export positioning shaped the final price outcome.
Italy showed the opposite effect. LNG inflows recovered, yet Italy remained the most expensive market at €127.69/MWh. The reason was not a lack of gas access. It was the combination of high demand, lower hydro, weaker wind and sharply higher thermal dispatch. Gas was available, but the electricity system still paid a premium for firm generation and imports.
Croatia’s position was also revealing. LNG inflows through the regional system were broadly stable, but Croatian electricity prices rose 11.2% to €102.36/MWh, supported by higher demand, weaker renewables and increased net imports. LNG stability did not prevent power-market repricing.
For the region, this strengthens the role of LNG terminals as balancing assets rather than simple price suppressors. Greece, Italy and Croatia can use LNG infrastructure to support gas-fired flexibility, but the value of that flexibility depends on electricity-market scarcity.
The next investment question is therefore not only how much LNG capacity SEE has, but how that gas is converted into electricity value. Flexible plants, grid access, balancing markets and cross-border trading rules determine whether LNG-backed generation becomes a stabilising force or a high-priced scarcity product.
