Electricity prices across South East Europe (SEE) saw significant declines during the week of April 6-12, 2026, largely attributed to decreased demand associated with the Orthodox Easter holiday, an uptick in solar energy production, and lower natural gas prices. This week marked a notable shift in market dynamics, characterized by a widespread bearish sentiment across various European power markets.
Day-ahead electricity prices in the SEE region experienced double-digit reductions, reversing the tighter conditions from the previous week. The most pronounced price drops were observed in Bulgaria (-24.6%), Greece (-23.5%), and Romania (-22.8%). Other countries such as Croatia (-20.3%), Serbia (-19.3%), and Hungary (-18.6%) also reported significant declines. In contrast, Türkiye exhibited a notable increase of 28.9%, indicating unique local supply-demand factors at play.
Despite these reductions, several markets maintained elevated price levels. Italy continued to be the most expensive market in Southern Europe with an average weekly price of €119.89/MWh, followed by Hungary at €92.19/MWh and Serbia at €91.35/MWh. Prices in Romania (€88.01/MWh), Bulgaria (€86.02/MWh), Croatia (€85.09/MWh), and Greece (€84.69/MWh) remained below the €100/MWh mark, while Türkiye recorded the lowest price at €24.89/MWh.
The overall regional electricity demand contracted by 6.77% compared to the previous week, primarily due to reduced industrial and commercial activity during the holiday period. Notable declines were recorded in Greece (13.9%), Serbia (12.9%), Bulgaria (12.6%), and Croatia (17%). Larger economies like Italy and Romania also noted decreases of 9.5% and 9.3%, respectively.
On the supply side, there was a notable reshaping of the generation mix due to renewable energy output changes. Total variable renewable generation fell by 6.6%, which masked a significant shift within renewable energy sources (RES). Wind generation saw a sharp decline of 39.8%, particularly affecting Greece and Italy, whereas solar output surged by 41.8%, benefiting from enhanced irradiance and longer daylight hours—especially pronounced in Türkiye, Greece, Hungary, and Italy.
Hydropower also contributed positively to supply dynamics with a week-on-week increase of 4.8%. Greece and Italy led this recovery while Romania provided stable baseload support; however, Serbia faced a sharp decline in hydro generation during this period.
Thermal generation was adversely affected by both weaker demand and increased availability of renewable energy sources, resulting in an overall reduction of thermal output by 8.3%. Gas-fired generation fell by 12% alongside a decrease of 3.9% for lignite and coal generation across Greece, Romania, Hungary, Italy, and Serbia; however, Türkiye’s thermal generation increased due to higher gas-fired output.
Cross-border electricity flows also softened during this week with an overall decline of 8.3%. Bulgaria ramped up its exports significantly while Romania transitioned from being a marginal importer to becoming a net exporter thanks to improved domestic generation capabilities. Italy remained the largest structural importer within the region absorbing surplus electricity from neighboring countries.
In fuel markets, bearish sentiment was further reinforced as Dutch TTF natural gas futures averaged €47.68/MWh—a decline of 6.2% week-on-week—with prices fluctuating between €53.25/MWh at peak early in the week down to €43.64/MWh later on due to subdued demand coupled with stable supply conditions.
Gas market fundamentals presented mixed signals; LNG inflows into Greece slightly decreased while Italy experienced an increase in inflows alongside marginal reductions noted in Croatia’s imports as European storage sites entered summer injection season with inventory levels still below historical averages—creating structural uncertainties for future energy outlooks.
Trading volumes reflected the dominance of major European exchanges with Italy leading regional liquidity at approximately 19,690 GWh traded during the week followed by Greece (3,130 GWh), Bulgaria (2,499 GWh), Hungary (2,280 GWh), Romania (1,150 GWh), Croatia (890 GWh), while Serbia recorded only 120 GWh.
Looking ahead into subsequent weeks suggests potential price rebounds as demand normalizes post-holiday period—with early indications showing day-ahead prices exceeding €125/MWh across several SEE markets—highlighting ongoing volatility within interconnected European energy markets.
Overall developments during Week 15 illustrate a temporary correction influenced by seasonal demand shifts along with strong solar production amid easing fuel costs; however, short-term outlooks remain sensitive to weather patterns as well as gas price fluctuations amidst broader geopolitical risks impacting regional stability.
