Türkiye remained the clear outlier in the regional electricity market in Week 24, with an average wholesale price of only €22.85/MWh. That placed the Turkish market far below every interconnected European comparator, including Serbia at €78.22/MWh, Greece at €91.53/MWh, Bulgaria at €93.58/MWh, Hungary at €98.71/MWh and Italy at €123.17/MWh.
The discount was not caused by weak demand. Turkish electricity demand increased by 246.7 GWh, or 3.8%, to 6.74 TWh, making Türkiye one of the largest demand-growth contributors in the region. The decisive factor was supply. Variable renewable generation jumped by 368.8 GWh, or 67.1%, with wind generation more than doubling by 105.9%.
Hydro moved in the opposite direction. Turkish hydropower output fell by 229 GWh, or 8.6%, accounting for more than three-quarters of the regional hydro decline. In many European markets, such a hydro fall would push gas generation higher. Türkiye instead shifted more heavily toward coal. Coal-fired output increased by 260.6 GWh, or 21.3%, while gas-fired generation dropped 20.8%.
This is the key Turkish market signal: stronger wind reduced the need for gas, while coal carried a larger balancing role as hydro weakened. That mix kept domestic power prices structurally below European levels and supported a stronger export balance. Türkiye’s net exports rose 53.1% during the week, helped by robust renewable growth and cheaper domestic supply.
For SEE traders, Türkiye’s price separation remains commercially important but structurally difficult to monetize fully because interconnection, market design and regional scheduling limits constrain direct convergence. The Turkish market continues to act as a low-price supply island beside a higher-priced European system.
