In Week 47 of 2024, electricity prices in Southeast Europe (SEE) experienced a decline compared to Week 46. Despite an increase in demand and higher gas and CO2 emission allowance prices, the rise in wind energy production across the region helped reduce electricity prices. All SEE markets saw lower prices except Italy, which recorded a slight increase.
Bulgaria and Romania saw the largest price drops, with reductions of 32.68% and 32.54%, respectively. Greece and Croatia followed with declines of 28.45% and 24.93%, respectively. Italy was the only country in the region to experience a price increase, rising by 2.21%. Meanwhile, Türkiye saw the smallest price drop of 6.29%.
In Central Europe, electricity prices also decreased across most markets, except for Switzerland. After reaching over €100/MWh in all markets during the previous week, prices fell below this threshold in Week 47. On November 24, several markets recorded their lowest daily prices in at least three months, driven by high wind energy production. Wind energy output helped mitigate the impact of rising gas prices. Central European markets posted electricity prices ranging between €88/MWh and €131/MWh, with Switzerland being the most expensive at €130.94/MWh, a 1.84% increase from the previous week. France had the lowest price at €88.47/MWh, a drop of 19.94% from Week 46.
Across Europe, weekly electricity prices averaged around €120/MWh, ranging from €88.47/MWh in France to €165.49/MWh in Serbia. In the MIBEL market, prices in Portugal and Spain were €93.25/MWh and €93.14/MWh, respectively, marking a decrease from the previous week.
In the southern part of Europe, all SEE countries, except Türkiye, had electricity prices above €100/MWh. Türkiye saw the lowest average price at €65.24/MWh, followed by Greece at €130.95/MWh, making it the second cheapest market in the region. Serbia had the highest average price at €165.49/MWh, though this was 18.35% lower than the previous week. Romania’s average price was €158.07/MWh, making it the second most expensive market in the region.
Electricity demand in SEE countries rose by 3.41% in Week 47, reaching 16,815.94 GWh, driven by lower temperatures that increased heating demand. However, the southern part of the region experienced mild conditions, particularly during the day. Romania saw the largest demand increase, rising by 13.00%, followed by Hungary (7.37%) and Italy (3.46%). Greece and Serbia were the only countries to see a drop in demand, with decreases of 2.81% and 1.33%, respectively.
Variable renewable energy output in SEE surged during Week 47, rising by 56.2% to reach 2,952.49 GWh, due to strong wind and solar energy production. Wind generation across the region soared by 78.9%, totaling 2,270.92 GWh. Romania, Türkiye, Italy, and Greece saw significant increases in wind generation, while Croatia’s wind output dropped by 22.9%. Solar output also rose by 9.7%, reaching 682.27 GWh, with Greece and Hungary posting the highest increases, up by 75.8% and 67.2%, respectively.
In contrast, hydropower production fell by 5.11% in Week 47, totaling 2,038.48 GWh. Most SEE countries experienced dry conditions, particularly Bulgaria, Greece, Serbia, and Italy, which saw significant reductions in hydropower output. Hungary and Türkiye, however, recorded the highest increases in hydropower generation, with gains of 85.99% and 60.37%, respectively.
Thermal power generation in SEE dropped by 7.14% during Week 47, as renewable energy output was high. Coal-fired generation decreased by 3.11%, while gas-fired generation dropped by 10.09%. Türkiye saw decreases in both coal and gas-fired generation, while Bulgaria experienced a slight increase in coal and gas generation. In Italy, coal-fired generation rose by 1.90%, while gas generation fell by 10.63%. Greece’s lignite generation fell by 48.52%, and gas generation decreased by 15.09%.
Regarding cross-border electricity trade, net electricity imports across SEE fell by 33.91% compared to the previous week, totaling 1,433.53 GWh. Net exports from the region rose by 28.5%, amounting to 310.00 GWh, while imports dropped by 27.7%, totaling 1,743.53 GWh. Bulgaria and Croatia recorded the largest decreases in net imports, down by 39.46% and 31.61%, respectively. Greece and Türkiye were net exporters, with Greece’s exports increasing by 54.08%, reaching 199.64 GWh.
