During Week 47 of 2025, electricity prices in Southeast Europe (SEE) declined moderately across most markets compared to Week 46, largely due to falling gas prices. With the exception of Greece, all SEE markets posted weekly average prices above €100/MWh, while the regional average hovered around €110/MWh. Prices began the week at elevated levels, peaked on November 21, and later stabilized between €63/MWh and €109/MWh by week’s end. Greece (-23.47%) and Türkiye (-19.12%) saw the sharpest week-on-week declines, followed by Romania (-10.37%) and Bulgaria (-8.40%). Serbia also recorded a moderate drop of 6.51%, while Italy was the only market in the region where prices increased slightly (+3.31%).
Across Central Europe, electricity prices moved in the opposite direction. During the third week of November, weekly averages rose in most markets, trading around €101/MWh. Higher demand compared to the previous week pushed prices upward across the region, with averages ranging from €87/MWh to €122/MWh. Switzerland registered the highest price at €121.92/MWh, up 7.91% from Week 46, followed by Slovakia at €118.28/MWh. France, despite experiencing a dramatic 178.68% week-on-week surge, still recorded the lowest weekly average in Central Europe at €87.87/MWh.
On a broader European scale, the average wholesale electricity price stood at approximately €107.43/MWh in Week 47. Prices varied significantly across the continent, from €87.87/MWh in France to €127.83/MWh in Poland. The Iberian MIBEL markets saw sharp price corrections: Spain’s weekly average surged 65.58% to €71.73/MWh, while Portugal rose 66.78% to €72.25/MWh. These increases contrasted with the downward trends in many SEE markets during the same period.
In Southern Europe, most SEE countries recorded prices above €100/MWh, with Türkiye and Greece as the only exceptions. Weekly averages ranged from €49/MWh to €119/MWh. Türkiye posted the lowest price at €48.74/MWh, while Greece was the second-cheapest in the region at €119.0/MWh. Italy once again topped the region with an average of €119.0/MWh, marking a 3.31% increase from the week of November 10. Hungary (€117.86/MWh), Bulgaria (€117.30/MWh) and Croatia (€115.98/MWh) also ranked among the most expensive markets. Daily fluctuations were notable: most SEE markets hit their weekly highs on Friday, November 21, and their lows on Sunday, November 23. As the following week began, Day-Ahead prices ranged from €94.31/MWh in Greece and €116.41/MWh in Albania to €160.63/MWh in Hungary and €166.08/MWh in Serbia.
Electricity demand
Electricity demand across the SEE region rose moderately in Week 47, increasing by 3.34% week-on-week to 16,821.58 GWh. Falling temperatures were the primary driver, boosting heating-related consumption. Italy and Serbia led the growth, with demand rising by 6.63% and 4.45%, respectively. Croatia (+2.81%), Hungary (+2.69%) and Bulgaria (+2.27%) also saw moderate increases. Greece was the only country to record a slight decline (-1.02%) due to unusually warm weather in the southern Balkans.
Renewable power generation
Renewable electricity generation in SEE surged, rising 54.1% week-on-week to 3,178.79 GWh. The jump was driven almost entirely by wind, which soared 125.7% compared to Week 46, reaching 2,483.08 GWh. All SEE countries posted large wind-power gains: Serbia (+233.0%) and Bulgaria (+195.7%) recorded the strongest increases, while Croatia had the smallest growth (+28.8%). Solar output, however, fell sharply by 27.8% to 695.71 GWh, as most countries saw weaker sunlight except Croatia and Türkiye.
Hydropower production continued to rise, increasing 8.43% week-on-week to 1,771.86 GWh. Croatia and Greece saw the largest gains, at +246.26% and +61.74%, respectively. Serbia (-84.51%) and Bulgaria (-10.66%) were the only countries where hydropower generation declined.
Thermal generation
Thermal power output in SEE declined by 10.55% in Week 47, totaling 8,139.10 GWh. Gas-fired generation saw the sharpest drop, falling 17.31% to 4,498.70 GWh, while coal and lignite output remained relatively stable with a small week-on-week decrease of 0.81% (3,640.40 GWh).
At the national level, trends varied:
- Türkiye recorded a 4.41% decrease in coal output and a steep 40.74% decline in gas generation.
- Bulgaria saw coal output fall by 3.40%, while gas generation increased.
- Greece posted a sharp 60.77% jump in coal-fired output (90.66 GWh), while gas generation dropped 14.12%.
Cross-border electricity exchanges
Cross-border electricity flows in SEE decreased in Week 47. Net imports fell 10.88% from Week 46 to 1,328.88 GWh. Total imports rose 4.3% to 1,632.86 GWh, while exports surged by 307.6% to 303.98 GWh.
National trends included:
- Sharp drops in net imports: Romania (-57.16%), Serbia (-46.15%), Croatia (-35.17%).
- Increased import needs: Hungary (+29.02%) and Italy (+5.87%).
- Strong export momentum: Türkiye (+35.43%) and Greece (+568.11%), continuing the previous week’s trend.
