During Week 40 of 2025, electricity market prices across Southeast Europe (SEE) showed a notable recovery compared to Week 39. Most SEE markets recorded weekly average prices above €100/MWh, with the exceptions of Italy and Türkiye. Throughout the week, prices in the region hovered around €100/MWh, starting at elevated levels and peaking on Tuesday, September 30, before trending downward toward the end of the week, settling between €60 and €80/MWh. Serbia and Bulgaria saw the highest price increases, rising by 24.04% and 12.14% respectively, followed by Romania at 11.49% and Greece at 9.46%. In contrast, Italy was the only market to record a decline in prices (-8.27%).
In the first week of October, weekly prices in most Central European electricity markets remained below €100/MWh, largely due to higher renewable energy generation, lower electricity demand in most markets, and declining gas prices. Prices in the region ranged from €38/MWh to €100/MWh. Switzerland was the most expensive market, with an average price of €100.06/MWh, up 0.05% compared to Week 39, followed by Slovenia at €99.94/MWh. France recorded the lowest price in Central Europe at €38.47/MWh, marking a moderate decrease of -12.90%. Overall, European weekly average electricity prices for Week 40 were around €87/MWh, ranging from €38.47/MWh in France to €118.61/MWh in Serbia.
In the MIBEL markets, prices increased significantly; Spain recorded a 13.85% rise, reaching €68.98/MWh, while Portugal reached €69.01/MWh, up 13.39%. In Southern Europe, most SEE countries recorded prices above €100/MWh, except for Italy and Türkiye. Prices across the region ranged from €54/MWh to €119/MWh. Türkiye posted the lowest weekly average at €53.96/MWh, followed by Italy at €99.68/MWh. Serbia recorded the highest weekly average at €118.61/MWh, a 24.04% increase compared to the week of September 22. Romania, Bulgaria, and Hungary were also among the most expensive markets, with prices of €105.69/MWh, €105.38/MWh, and €105.26/MWh respectively.
Regarding daily fluctuations, most SEE markets saw their highest prices on Tuesday, September 30, and the lowest on Sunday, October 5. At the start of the current week, wholesale electricity prices in the region have been on a downward trend. Day-Ahead prices on October 8 ranged from €117.26/MWh in Greece and €118.14/MWh in Slovenia to €129.05/MWh in Serbia and €132.96/MWh in Montenegro.
Electricity demand in the SEE region declined in Week 40 compared to the previous week, mainly due to lower consumption in Türkiye, Italy, and Greece. Temperatures remained relatively mild in southern countries, limiting heating-related demand, while cooler conditions in the northern part of the region increased consumption. Overall, demand fell by -1.30% week-on-week to 15,774.56 GWh. Türkiye, Greece, and Italy saw declines of -2.67%, -4.75%, and -5.26% respectively, while the remaining SEE countries recorded growth, with Bulgaria posting the largest increase at 18.65%.
Generation from variable renewable sources in SEE markets declined slightly by -0.6% week-on-week to 2,999.41 GWh. The decrease was mainly due to lower wind output, while solar generation edged higher. Wind power fell by -2.3% to 1,575.11 GWh during the week of September 29. Most SEE countries saw an increase in wind output, but Serbia, Türkiye, and Greece recorded declines of -77.7%, -14.8%, and -6.4%, respectively, which drove overall regional wind generation down. Solar generation rose by 1.3%, reaching 1,424.24 GWh, with the steepest increases in Hungary (24.3%) and Greece (16.2%).
Hydropower generation in SEE declined by -1.45% compared to Week 39, totaling 1,760.74 GWh. The reduction was mainly due to lower production in Hungary (-34.91% or -0.56 GWh), Italy (-5.79% or -37.60 GWh), Croatia (-4.53% or -2.21 GWh), and Türkiye (-2.67% or -19.62 GWh). Conversely, Greece (24.03%), Bulgaria (10.80%), and Serbia (-10.02%) recorded higher hydro output compared to the previous week.
Thermal generation in SEE markets dipped slightly by -0.51% week-on-week to 7,255.35 GWh. This decrease was due to lower gas-fired production, while coal-fired generation rose. Coal output increased by 5.80% to 3,465.56 GWh, whereas gas-fired generation fell by -5.60% to 3,789.79 GWh. Country-level trends were mixed: Türkiye saw a 2.55% rise in coal generation but a slight -0.76% decrease in gas output. Bulgaria’s coal-based production jumped by 30.43%, alongside a moderate 6.72% recovery in gas generation. In Greece, coal-fired production reached 64.14 GWh, while gas-fired output increased by 47.49%.
Cross-border electricity trade in SEE showed a marginal decline in net imports, down -0.47% compared to Week 39, totaling 1,125.37 GWh. Imports fell by -10.9% to 1,140.51 GWh, while exports dropped sharply by -88.5% to 15.15 GWh. Türkiye (-40.54%), Croatia (-60.25%), Hungary (-17.60%), and Italy (-11.48%) recorded notable declines in net imports. In contrast, Romania (+7.64%) increased its reliance on imported electricity. Greece and Serbia shifted from net exporters the previous week to net importers in Week 40. Bulgaria saw its net exports decrease sharply by -84.70%.
