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Region: SEE electricity market prices surge amid rising demand and weather conditions

In Week 49, electricity market prices across Southeast Europe (SEE) surged due to increased demand, despite lower gas prices at the Dutch TTF hub. This escalation in prices raised concerns for households and businesses. Throughout the week of December 2, the combination of rising electricity demand and higher wind output caused significant price hikes in most SEE markets, excluding Türkiye.

Hungary and Bulgaria experienced the highest percentage increases in electricity prices, at 14.04% and 12.84%, respectively. Romania and Croatia followed with increases of 12.22% and 11.79%. Serbia, Greece, and Italy saw more moderate increases of 8.24%, 7.41%, and 6.45%, respectively.

In Central Europe, prices also followed an upward trajectory, with most markets, except for France, posting higher rates. By December 1, weekly electricity prices exceeded €100/MWh in many major European markets. Notably, France saw a slight decline, with prices dropping by 2.18% from the previous week. Slovakia registered the highest price in Central Europe at €157.88/MWh, marking a 14.73% increase from Week 48.

In Southeast Europe, all countries, except Türkiye, recorded prices above €140/MWh. The highest average price in Week 49 was in Hungary, with an average of €157.28/MWh, followed closely by Bulgaria and Romania at €155.69/MWh. On the other hand, Türkiye had the lowest average electricity price of €68.66/MWh.

The increase in electricity demand in the SEE region was attributed to colder weather, with temperatures dropping to below zero. As a result, overall electricity demand rose by 3.55% compared to Week 48, reaching 17,412.11 GWh. Bulgaria, Greece, and Türkiye saw the largest increases in demand, rising by 5.84%, 5.33%, and 4.12%, respectively.

In terms of renewable energy generation, wind output saw a substantial increase of 19.3%, reaching 1,695.27 GWh, mainly due to strong wind conditions in Türkiye. However, solar output decreased by 22.9%, totalling 468.34 GWh, with Romania, Bulgaria, and Hungary seeing the largest declines in solar generation.

Hydropower output in the region decreased by 11.68%, totaling 1,962.22 GWh. Türkiye experienced the most significant drop, with a 22.73% decrease in hydropower generation. However, Greece, Serbia, and Hungary reported an increase in hydropower generation during Week 49.

Thermal power generation in the SEE region rose by 3.67% compared to Week 48, with coal and gas-fired generation increasing by 1.38% and 5.21%, respectively. Türkiye, Bulgaria, and Italy saw the highest increases in thermal power generation. Greece also saw a notable increase in lignite and gas generation.

Regarding cross-border electricity trade, net electricity imports fell by 38.47% across the SEE region. Greece and Türkiye remained net exporters, with Greece seeing a 40.39% increase in exports. Conversely, Bulgaria, Italy, and Serbia reported significant decreases in net imports.

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