Cross-border electricity trade increased in Southeast Europe during Week 23, with net imports rising 9.1% week on week to 1.22 TWh. The change came alongside higher regional demand and weaker variable renewable output, which increased reliance on regional balancing. Cross-border flows expanded as markets adjusted to the week’s supply-demand conditions.
Regional electricity demand rose 8.2% to 15.15 TWh while variable renewable generation fell 8.9%. Hydro and thermal generation increased, but not evenly across countries. The resulting balancing requirement supported a larger role for cross-border exchanges.
Import growth in Hungary, Romania and Croatia
Among major importing markets, Hungary recorded the largest increase in net imports, up 64.7% to 179.75 GWh. Hungary also had a weekly average day-ahead price of €103.15/MWh, with its average price softening by 2.0% week on week. The higher import reliance indicated additional external supply needed for domestic balance management.
Romania increased net imports by 34.0%, while Croatia raised imports by 18.5%. Both markets faced weaker renewable output during the week. Croatia also saw wind generation fall sharply despite stronger hydro generation.
Italy remains the region’s largest net importer
Italy stayed as the largest net importer in the region, taking in 950.91 GWh of net imports. That total was 14.1% lower than the previous week, reflecting a reduced import requirement tied to internal generation changes and lower demand. Italy still recorded the highest SEE weekly price at €128.09/MWh.
The pricing outcome showed that lower import dependence did not remove Italy’s premium relative to other markets in the region. Greece remained cheaper than most SEE markets at a weekly average of €89.25/MWh. Greece’s position as a lower-cost exporter continued to affect regional price dynamics.
Greece and Türkiye export less amid shifting balances
Greece remained a net exporter, exporting 169.69 GWh, though exports fell 29.5% week on week. Greece’s weekly average price was €89.25/MWh, below most other SEE markets referenced in the report. Lower Greek exports were associated with reduced downward pressure on neighbouring markets.
Türkiye also remained a net exporter, but exports declined by 13.6%. The move aligned with a 31.0% demand surge. Despite higher consumption, Türkiye maintained export volumes supported by strong hydro output, a large thermal ramp and higher solar production.
Balkan corridor flows and interconnector-linked pricing
The flow map highlighted how power moved across the Balkan corridor through Hungary, Romania, Serbia, Bulgaria, Greece and Croatia, alongside neighbouring Central European markets. The report linked the flow pattern to interconnector capacity and scheduled exchanges between systems. It also cited neighbouring price spreads and local supply-demand imbalances as factors affecting outcomes.
The data were used to describe market implications for traders across import-dependent and exporting systems. Import-dependent markets including Italy, Hungary, Romania and Croatia were described as exposed to regional scarcity and interconnector constraints. Exporters such as Greece and Türkiye were described as influencing neighbouring price formation when surplus volumes and network capacity allowed flows.
Italy’s spread role and Hungary’s Central SEE impact
The report placed Italy at the centre of regional spread analysis even after reducing imports by 14.1%. Italy still absorbed nearly 951 GWh of net imports and maintained a price premium of almost €39/MWh over Greece, and around €28/MWh over Bulgaria. This reflected Italy’s role as a high-price anchor for regional power where interconnector capacity permits transfers.
Southeast Europe balancing area under fuel-price risk signals summer exposure
The report also tied Hungary’s import increase to wider Central SEE effects through changes in cross-border flows from Romania, Croatia, Serbia, Slovakia and Austria. Hungary’s price remained above €100/MWh, keeping it in an upper SEE cluster despite a week-on-week decline in its average level.
The interaction between electricity flows and gas risk was also highlighted in the report’s discussion of trader exposures during periods when gas-fired generation costs could rise further. Countries with available hydro, lignite or renewable surplus were described as potentially gaining export value under those conditions, while import-dependent systems could face higher exposure during evening peaks and low-renewable periods.
Week 23 shows interconnected balancing beyond single-zone pricing
The report described Week 23 as evidence that Southeast Europe does not operate as one integrated price zone while functioning increasingly as an interconnected balancing area. Local prices were said to diverge sharply even as cross-border flows determined how much divergence could be arbitraged across systems.
The rise in net imports to 1.22 TWh was presented as confirmation that dependence on electricity exchanges increased alongside demand growth, renewable volatility and fuel-price risk during the week.
