In Week 08 of 2025, electricity prices in Southeast Europe (SEE) declined, influenced by falling gas and CO2 prices, as well as increased renewable energy production. Solar power generation set records for February, while wind power output also rose significantly.
Electricity price movements
All SEE markets recorded price drops, with Croatia and Italy experiencing the most significant declines at -9.63% and -6.91%, respectively. Türkiye and Romania followed with decreases of -5.30% and -3.44%. Greece and Bulgaria also saw lower prices, down -3.41% and -2.84%.
In Central Europe, electricity prices also fell across all markets, driven by milder weather and strong wind and solar production. Weekly spot prices in the region ranged from €100 to €156/MWh, with Slovakia being the most expensive market at €156.16/MWh (-6.55%) and France the cheapest at €100.17/MWh (-28.82%). Across Europe, weekly averages hovered around €132/MWh, with the Spanish and Portuguese MIBEL markets recording the lowest prices at €87.67/MWh (-25.39% and -25.48%, respectively), while Hungary posted the highest price at €165.83/MWh.
Electricity demand trends
Despite lower prices, electricity demand in SEE countries rose due to colder temperatures, which reached below 10°C during the day and dropped to freezing or below at night. This led to an overall 6.44% increase in electricity demand, totaling 18,997.73 GWh.
- Bulgaria saw the largest increase in demand at 24.09%.
- Croatia and Serbia followed, with increases of 12.15% and 8.48%, respectively.
- Italy, Türkiye, and Greece registered smaller increases of 6.33%, 6.20%, and 4.18%, respectively.
- Hungary was the only SEE country to see a demand decline of -2.48%.
Renewable Energy Production
Renewable energy generation in SEE (excluding Italy) increased by 24.2%, reaching 1,980.19 GWh. Wind generation surged by 23.5%, totaling 1,449.79 GWh, with Türkiye and Bulgaria leading the increase at 40.7% and 34.8%, respectively.
Solar power output also climbed, rising 26.1% to 530.87 GWh, with Hungary (+92.6%) and Greece (+31.6%) posting the highest percentage increases.
In contrast, hydropower generation declined by -12.86% to 1,520.77 GWh, with Türkiye experiencing the largest drop (-19.17%). Greece, Hungary, and Romania also saw declines, while Bulgaria, Croatia, and Serbia increased their hydropower output by 3.36%, 8.01%, and 8.68%, respectively.
Thermal power generation
Thermal power generation in SEE decreased slightly, down -1.13%, totaling 6,907.75 GWh.
- Coal-fired power increased by 2.18%, reaching 3,781.87 GWh, with Türkiye posting a 2.58% increase.
- Gas-fired power fell by -4.87%, reaching 3,125.88 GWh, with Türkiye (-8.07%) and Greece (-0.95%) seeing declines.
- Greece’s lignite power output plunged by -50.46%, while Bulgaria’s coal generation dropped -0.98%, although its gas-fired power increased 4.84%.
Cross-Border Electricity Trade
Net electricity imports into SEE rose by 24.51%, totaling 1,575.29 GWh.
- Imports increased by 16.5%, reaching 1,765.45 GWh, while exports declined by -24.0% to 190.16 GWh.
- Croatia, Italy, and Romania recorded higher net imports, rising 28.84%, 19.17%, and 10.00%, respectively.
- Türkiye remained a net exporter, though with 7.05% lower exports compared to the previous week.
- Greece slightly increased its exports by 1.51%, reaching 74.01 GWh.
- Bulgaria maintained its export position but saw a significant drop of -66.85%, while Serbia switched from being a net exporter to a net importer.
Conclusion
SEE electricity markets benefited from increased renewable energy generation, leading to lower prices despite rising demand due to colder temperatures. Hydropower generation declined, but strong solar and wind output helped offset the impact. Net electricity imports rose as exports dropped, with Croatia, Italy, and Romania increasing their reliance on imported power.
