In Week 11 of 2026, the Southeast European (SEE) electricity markets exhibited a pronounced divergence in pricing trends, primarily influenced by geopolitical factors and varying demand levels. The ongoing U.S.–Iran conflict has injected a significant risk premium into global energy markets, particularly affecting regions reliant on imports. Notably, Italy experienced a price surge of 4.43%, reaching €147.54/MWh, making it the highest-priced market in the region. Conversely, several Balkan countries saw price reductions, with Romania and Croatia leading the decline at -4.74% and -4.45%, respectively. Other markets such as Bulgaria and Greece followed suit with decreases of -3.35% and -3.11%, while Hungary also eased by -2.16%. Serbia remained relatively stable with a slight decrease of -0.07%, while Türkiye diverged significantly with an increase of 14.75%, reaching €43.41/MWh.
The overall pricing landscape across Southern Europe indicated that most SEE markets traded above €100/MWh, except for Türkiye, Greece, and Serbia. The price spectrum ranged from €43/MWh to €148/MWh, highlighting the strong regional dispersion in electricity prices. Türkiye’s position as the lowest-priced market at €43.41/MWh contrasted sharply with Italy’s high prices, emphasizing the varying dynamics at play within the region.
In Central and Western Europe, Week 11 also revealed notable disparities in power prices. Markets in Southwestern Europe and the Alpine region saw substantial increases, with France (+23.31%), Spain (+23.18%), and Portugal (+22.22%) posting significant gains attributed to reduced renewable output and increased thermal generation reliance. Switzerland recorded a notable rise of 16.62%, reaching €143.50/MWh, further reinforcing upward pressure in the Alpine markets. In contrast, core Central European hubs like Germany (-12.74%), Poland (-11.08%), and the Netherlands (-6.54%) experienced declines due to enhanced wind generation and easing fuel costs.
Electricity demand across the SEE region weakened during Week 11, dropping by 2.19% week-on-week to 16,603 GWh, reflecting lower consumption trends across nearly all markets. Romania reported the sharpest decline at -6.36%, followed closely by Hungary (-4.60%) and Serbia (-4.55%). Milder weather conditions likely contributed to this trend, with other larger systems such as Italy (-1.55%) and Türkiye (-1.58%) also showing moderate decreases.
On the renewable energy front, variable generation rebounded strongly in Week 11 with an increase of 8.2% week-on-week to 2,811 GWh, driven primarily by a surge in wind output (+18.6%). Wind production saw significant gains in Türkiye (+28%), Greece (+34%), and Serbia where output more than tripled due to improved wind conditions. However, solar generation remained largely stable with a minor decrease of -0.6%. Italy continued to lead in total renewable output with solar generation rising by 19.5% to 623 GWh.
Hydropower generation faced challenges during Week 11, declining by 10.71% week-on-week to 3,247 GWh due to weaker hydrological conditions across the region. Significant reductions were observed in Serbia (-74.5%), Bulgaria (-40.1%), and Greece (-29.9%), indicating diminished inflows and potentially lower reservoir levels affecting overall hydroelectric output.
Thermal generation also decreased during this period, with total output falling by 5.71% week-on-week to 6,180 GWh as both lignite/coal (-7.03%) and gas-fired generation (-4.68%) declined across various markets. Greece reported the steepest drop at -13.3%, while Hungary and Croatia saw sharp declines due to reduced gas dispatches.
Cross-border electricity flows moderated in Week 11 as net imports fell by 9.89% to 1,163 GWh across the SEE region, reflecting adjustments in market dynamics amidst changing demand patterns and domestic generation levels. Hungary and Serbia notably reduced their net imports by -19.5% and -32%, respectively, while Croatia moved further into net import territory (+22.6%). Italy maintained its status as the largest net importer but slightly increased its imports by +2.2%. Meanwhile, Romania significantly boosted its net exports by +108%, indicating shifting supply-demand fundamentals within the regional market landscape.
