In Week 15 of 2026, the electricity markets across the Southeast Europe (SEE) region experienced significant price reductions, a stark contrast to the elevated rates observed in the preceding week. This decline can be attributed to a combination of factors, including a notable decrease in demand, increased solar energy production, and softened prices for gas and CO₂ emissions. The most substantial price drops were reported in Bulgaria with a decline of 24.6%, followed closely by Greece at 23.5% and Romania at 22.8%. Other markets also saw double-digit decreases, including Croatia (-20.3%), Serbia (-19.3%), and Hungary (-18.6%). The overall trend was primarily influenced by reduced consumption during the Orthodox Easter holiday period, which alleviated pressure on interconnected market systems.
During this week, most SEE markets traded below €100/MWh, with prices ranging from approximately €25/MWh to €120/MWh. Türkiye recorded the lowest average weekly price at €24.89/MWh, while Greece’s price of €84.69/MWh marked it as one of the more affordable markets following a 5.77% decline. In contrast, Italy remained the most expensive market at €119.89/MWh despite an 11.94% drop, with Hungary following at €92.19/MWh. Daily trading patterns indicated that peak prices occurred on April 10, while the lowest levels were noted on April 6. A broader bearish trend was evident across Europe driven by weaker demand and higher solar output, with France witnessing a dramatic decline of 51.8%. Conversely, Spain and Portugal experienced sharp increases in prices, highlighting regional disparities.
As the subsequent week commenced, wholesale electricity prices began to recover, with Day-Ahead levels rising towards €125–146/MWh in various SEE markets, indicating a potential tightening of market fundamentals. Despite the corrections seen in Week 15, market dynamics remain sensitive to fluctuations in weather patterns, renewable energy output, and cross-border electricity flows.
Electricity demand in the SEE region fell by 6.77% week-on-week due to the Orthodox Easter holiday occurring on April 12, 2026. The most significant demand reductions were observed in Greece (-13.9%), Serbia (-12.9%), Bulgaria (-12.6%), and Croatia (-17.0%). Larger systems like Italy and Romania also reported declines of 9.5% and 9.3%, respectively, while Türkiye’s demand remained relatively stable at -1.3%, reflecting different consumption patterns linked to holiday schedules.
On the supply side, total variable renewable energy (RES) output decreased by 6.6%. However, this figure masked internal shifts within generation types; wind generation plummeted by 39.8%, particularly affecting Greece and Italy where declines exceeded 60%. In contrast, solar generation surged by 41.8%, bolstered by improved irradiance conditions and longer daylight hours during springtime. Türkiye notably achieved a remarkable increase of 218% in solar generation output, alongside growths in Greece (+33.8%), Italy (+20.6%), and Hungary (+26.7%). This shift underscores a seasonal transition favoring solar energy dominance.
Hydropower production increased by 4.8%, driven largely by gains in Italy (+20.2%) and Greece (+22.7%). Romania maintained stable hydropower output at +8.3%, while Croatia rebounded sharply from previous lows; however, Serbia (-59.3%) and Bulgaria (-16.8%) faced declines due to localized conditions impacting their hydro resources.
Thermal generation saw an overall reduction of 8.3%, with gas-fired output declining by 12% and coal/lignite generation decreasing by 3.9%. These trends reflect both diminished demand and an uptick in renewable energy contributions across the board. Significant reductions were noted in Greece (-24.5%), Romania (-33.2%), Hungary (-23.1%), and Serbia (-27%). Conversely, Türkiye’s thermal generation rose by 8.3%, primarily through increased gas-fired output.
Cross-border electricity flows dropped by 8.3% week-on-week as regional systems adjusted towards more balanced operations. Bulgaria significantly increased its exports by 80.3%, while Romania transitioned from being an importer to an exporter due to enhanced hydro output coupled with lower domestic demand levels. In contrast, Greece sharply reduced its exports by 81.9%, while Türkiye also scaled back its outward flows owing to heightened internal dispatch requirements.
The developments observed during Week 15 illustrate a temporary easing within the market landscape influenced by seasonal demand fluctuations, robust solar energy growth, and reduced fuel costs; however, early indications suggest that price recovery may be imminent as market fundamentals tighten once again.
