Cross-border electricity trade in Southeast Europe intensified in Week 24, revealing a region that is becoming more active but not more uniform. Regional net imports increased by 121.0 GWh, or 10.3%, to 1.30 TWh. The increase was driven mainly by Italy, which remained the dominant import centre and continued to absorb surplus electricity from neighbouring systems.
Italy’s net imports rose by 130.9 GWh, or 13.8%, reaching 1.08 TWh. This reflected stronger domestic demand, which climbed 6.7% to 5.12 TWh, and the country’s continued premium price position at €123.17/MWh. Italy’s market remained expensive enough to pull electricity from lower-priced areas, reinforcing its role as the region’s commercial sink.
Other markets moved in the opposite direction. Bulgaria significantly expanded its net export position, with exports rising 41.3 GWh, or 103.2%. Greece reduced net imports sharply from 169.7 GWh to 61.9 GWh, a fall of 63.6%. Türkiye strengthened its export balance by 53.1%, supported by strong renewable output and very low domestic prices.
Hungary remained a net importer but reduced imports by 108.5 GWh, or 60.3%, while Croatia’s net imports declined 8.9%. Romania recorded a modest 5.3% increase in net imports, and Serbia’s import position remained unchanged. The result was a fragmented regional picture: Italy pulled harder, while parts of the Balkans improved their export availability.
This is the direction of the SEE market. Renewable growth is creating more frequent export windows, but their value depends on transfer capacity, congestion, price spreads and scheduling accuracy. A market with Serbia at €78.22/MWh, Bulgaria at €93.58/MWh, Hungary at €98.71/MWh and Italy at €123.17/MWh is not converged. That incomplete convergence is precisely what creates trading value.
Cross-border capacity is becoming a financial asset in its own right. Generators, utilities and traders that can move electricity from surplus zones into premium markets will capture more value than those exposed only to domestic clearing prices. As renewable output grows, SEE power trading will increasingly be defined by hourly flow management rather than simple national balances.
