During Week 45 of 2025, electricity prices across Southeast Europe (SEE) rose sharply compared to the previous week, driven by stronger demand and lower renewable generation. Except for Türkiye, Croatia, and Italy, all SEE markets recorded weekly average prices above €120/MWh, with the regional average standing at around €112/MWh. Prices began the week at elevated levels, peaked on November 7, and later stabilized between €49/MWh and €105/MWh. The largest week-on-week increases were seen in Greece (+18.84%) and Bulgaria (+17.80%), followed by Hungary (+14.59%) and Romania (+14.40%). Türkiye recorded a moderate rise of 7.32%, while Italy was the only market to post a small decline (–0.52%).
Across Central Europe, most electricity markets also saw prices increase during the first week of November, averaging around €85/MWh. The upward trend was primarily due to weaker renewable generation and higher electricity demand. Prices ranged from €48/MWh to €108/MWh. Slovakia registered the highest average price at €107.78/MWh, up 17.33% from the previous week, followed closely by Switzerland at €107.51/MWh. France had the lowest average price in the region at €47.71/MWh, a 6.02% week-on-week increase.
For Europe as a whole, the average wholesale electricity price in Week 45 stood at about €99.75/MWh, with significant variations between markets. Prices ranged from €48/MWh in France to €127/MWh in Bulgaria. The Iberian (MIBEL) markets experienced sharp corrections: Spain’s average fell by 30.19% to €52.50/MWh, while Portugal dropped by 29.50% to €53.21/MWh — in contrast to the price surges observed in Central and Southeast Europe.
In Southern Europe, all SEE countries except Türkiye recorded prices above €110/MWh. Regional prices ranged from €60/MWh to €127/MWh. Türkiye had the lowest weekly average at €59.73/MWh, followed by Italy at €110.99/MWh. Bulgaria registered the highest price at €127.47/MWh (+17.80%), followed by Romania (€123.77/MWh), Hungary (€122.49/MWh), and Greece (€121.54/MWh). Most SEE markets recorded their highest daily prices on Friday, November 7, and their lowest on Sunday, November 9. As the new week began, regional day-ahead prices continued trending upward, ranging on November 11 from €111.25/MWh in Albania and €111.54/MWh in Greece to €119.15/MWh in Bulgaria and Romania.
Electricity demand in the SEE region increased moderately by 2.58% compared to Week 44, reaching 15,904.12 GWh. The rise was mainly driven by falling temperatures, which boosted heating demand. Bulgaria (+9.42%) and Romania (+6.99%) recorded the strongest increases, followed by Serbia (+6.93%). Italy’s demand remained stable, inching up by just 0.38% due to milder weather conditions and balanced supply-demand dynamics.
Renewable power generation in the SEE region declined by 6.3% week-on-week to 2,287.48 GWh, primarily due to a sharp drop in solar output, while wind generation also decreased. Wind power fell by 3.2% to 1,266.07 GWh, with Hungary (–46.9%) and Italy (–13.4%) recording the largest declines. In contrast, Greece and Romania increased wind generation by 28.0% and 21.2%, respectively. Solar generation across the region dropped by 9.9% to 1,021.40 GWh, with lower output in all countries except Croatia and Italy.
Hydropower generation in SEE rose slightly by 1.10% week-on-week, totaling 1,579.68 GWh. The increase was mainly driven by higher output in Romania (+15.17%) and Italy (+8.18%), while Greece (–22.04%) and Bulgaria (–44.13%) recorded significant declines.
Thermal power generation surged by 13.53% to 8,485.26 GWh, supported by higher output from both gas- and coal-fired plants. Coal generation increased by 12.27% to 3,737.28 GWh, while gas-fired output rose by 14.53% to 4,747.47 GWh. Türkiye’s coal generation increased by 3.45%, and gas generation by 25.93%. In Bulgaria, coal-based production jumped by 157%, while gas output fell by 96.31%. In Greece, both coal and gas generation increased notably, by 24.31 GWh and 15.48%, respectively.
Cross-border electricity trade in the SEE region also expanded, with net imports rising by 5.56% to 1,433.02 GWh. Imports increased by 27.5% to 1,402.68 GWh, while exports dropped sharply by 39.2% to 47.34 GWh. Bulgaria recorded a 44.69% rise in net imports, while Serbia reduced its import dependence by 29.96%. Romania shifted from a net exporter to a net importer, and Greece also became a net importer. Türkiye, however, maintained its position as a net exporter, increasing export volumes by 14.23%.
