In Week 01 of 2025, electricity prices in Southeast Europe (SEE) surged, driven by rising gas prices after the Russian gas flow through Ukraine resumed on January 1. Italy and Greece saw the most significant increases, with prices rising by 15.50% and 12.95%, respectively. Serbia and Hungary followed with increases of 11.48% and 8.01%, respectively. Most Central European markets saw mixed price performances, with Germany and France experiencing lower prices, while countries like Switzerland and Austria saw higher prices.
Electricity prices across SEE ranged from €67 to €140/MWh. The Italian market had the highest prices at €140.39/MWh, while Turkey recorded the lowest at €67.29/MWh. During Week 01, the overall electricity demand in SEE decreased by 8.39% compared to Week 51, with Italy seeing the largest drop of 20.15%. Conversely, countries like Croatia, Bulgaria, and Serbia saw slight increases in demand.
The output from variable renewables in the region eased slightly by 0.2%. Wind generation increased by 3.1%, reaching 1,815.33 GWh, with strong performances in Croatia and Turkey. Solar power dropped by 9.1%, especially in Italy, Greece, and Hungary. Hydropower output increased by 2.12%, driven by rainfall in Bulgaria, Greece, Serbia, and Turkey.
Thermal power generation in the region fell by 13.49%, particularly due to a drop in gas-fired generation. The SEE region saw a decline in net electricity imports by 25.43%, with Serbia, Bulgaria, Hungary, and Croatia increasing their net imports. Greece and Turkey remained net exporters, with Greece reversing its position from an importer to an exporter.
Overall, the first week of 2025 was marked by significant fluctuations in energy prices and demand across the region, with the ongoing impact of gas price changes and varying performances from renewable and thermal energy sources.
