In Week 40 of 2024, the electricity market prices in Southeast Europe (SEE) exhibited mixed trends compared to the previous week. Half of the SEE countries reported lower electricity prices, while the other half experienced increases. The rise in average gas and CO2 emission allowance prices, combined with decreased demand, contributed to the overall decline in European electricity prices during the week of September 30. All SEE countries saw a reduction in electricity prices, except for Türkiye, which registered an increase. Greece and Bulgaria experienced the most significant drops, with decreases of 8.72% and 2.22%, respectively. Türkiye and Romania followed, with declines of 2.91% and 2.06%. Conversely, Croatia, Hungary, and Italy saw their prices rise by 18.89%, 17.14%, and 8.17%, respectively.
In Central Europe, weekly average spot electricity prices surged. The rise in gas prices and a decrease in wind energy production led to higher market prices. During this week, electricity prices ranged from €57 to €88/MWh, with Slovakia being the most expensive at €88.11/MWh—39.41% higher than the previous week. Switzerland followed at €82.03/MWh, while France had the lowest price at €57.15/MWh, reflecting a 62.59% increase from the prior week.
As October began, European weekly averages hovered around €80/MWh, with prices ranging from €57.15 in France to €118.52 in Italy, the only markets exceeding €100/MWh, alongside Poland. In the Iberian Peninsula, Portugal saw prices at €76.08/MWh, while Spain recorded €74.08/MWh.
In the southern part of Europe, all SEE countries except Italy registered prices below €100/MWh, with rates varying between €62 and €119/MWh. Türkiye had the lowest average at €61.77/MWh, followed by Bulgaria at €73.03/MWh. Italy topped the region with an average of €118.52/MWh, reflecting an 8.17% increase from the previous week. Hungary followed closely at €85.78/MWh, up by 17.14%, while Greece’s average was €85.70/MWh.
Politically, Romania, Greece, and Bulgaria have advocated for measures to address persistently higher energy prices in Eastern Europe compared to Western Europe. The European Commission has agreed to discuss this issue at the Council of Ministers in Luxembourg on October 15, with aims to create a more functional energy market. Two primary factors contributing to the situation have been identified: insufficient energy interconnections in Central Europe, especially in Austria and Slovakia, and rising energy demand from Moldova and Ukraine.
During Week 40, electricity demand in SEE countries slightly declined by 0.45% compared to Week 39, totaling 14,739.53 GWh. Increases were noted in Hungary and Serbia, at 6.51% and 6.11%, respectively, while Greece saw a decrease of 4.69%. Other countries like Türkiye, Romania, and Italy reported marginal declines.
Renewable energy output in SEE rose by 1.6% to 2,350.90 GWh, driven by a 10.5% increase in wind generation, which totaled 1,260.21 GWh. Türkiye achieved the highest wind output increase at 85.1%, while Croatia saw a 61.3% rise. Conversely, Hungary, Serbia, and Italy experienced lower wind generation. Solar output dropped by 7.0%, amounting to 1,090.70 GWh, particularly due to declines in Bulgaria, Hungary, Italy, and Türkiye.
Hydropower generation in SEE increased by 1.49% to 2,522.30 GWh, bolstered by higher outputs in Serbia, Croatia, and Italy. Serbia and Italy benefited from precipitation, leading to increases of 27.16% and 5.77%, respectively. However, Bulgaria, Greece and Türkiye reported declines in hydropower generation.
Thermal power generation in SEE decreased by 1.75%, totaling 7,029.37 GWh, with coal-fired generation rising by 1.89% to 3,443.47 GWh, while gas-fired generation fell by 5.01% to 3,583.91 GWh. Türkiye experienced reductions in both coal and gas generation, while Bulgaria saw increases in both.
Cross-border electricity trade also rose, with net electricity imports increasing by 3.40% to 1,125.83 GWh. Exports from SEE rose by 20.1%, totaling 201.10 GWh, while imports grew by 5.6% to 1,326.92 GWh. Hungary and Italy had the highest increases in net imports, while Greece and Romania experienced declines. Serbia shifted from being a net importer to a net exporter, and Türkiye maintained its net export status.
