In Week 10 of 2026, the electricity markets across the SEE region experienced a significant rebound in prices, with most countries reporting notable week-on-week increases. This surge was primarily driven by escalating geopolitical tensions, particularly the USA–Iran conflict, which resulted in higher gas and oil prices, disrupted LNG flows, and increased geopolitical risk. The Greek market saw a remarkable rise of 70.9%, bringing the average price to €92.41/MWh. Italy maintained the highest price level in the region at €141.28/MWh, following a 32.5% increase.
Other countries such as Bulgaria and Romania also recorded substantial price hikes of 50.0% and 51.8%, respectively, with prices reaching €104.22/MWh and €106.34/MWh. Serbia experienced the most pronounced increase in the region, nearly doubling its price week-on-week to €92.05/MWh, a rise of 96.6%. Türkiye, while seeing an increase of 82.4%, remained the lowest-priced market at €37.83/MWh.
The overall price dynamics across Southern Europe indicated that most SEE countries recorded prices exceeding €100/MWh, with exceptions for Türkiye, Greece, and Serbia. The range of prices varied from €38/MWh to €141/MWh. Notably, Turkey registered the lowest weekly average at €37.83/MWh, while Hungary ranked among the higher-priced markets at €115.26/MWh. The peak daily prices were observed on March 4, while the lowest levels occurred on March 8.
The demand for electricity in the SEE region declined during this period, totaling 16,975 GWh, reflecting a decrease of -2.6% from the previous week’s consumption of 17,430 GWh. This reduction was widespread across monitored markets, with Bulgaria experiencing a significant contraction of -9.7%, followed by Romania at -8.3%. Serbia’s demand fell by -5.5%, while Hungary and Greece saw more moderate reductions.
A notable decline in variable renewable generation was also reported, decreasing by -16.8% week-on-week to reach 2,536 GWh. This drop was largely attributed to weaker wind generation, which fell by -31.6% (-520 GWh). Solar output remained stable with a slight increase of 0.5% (+7 GWh). Türkiye led the decline in wind production with a drop of -33.7% (-319 GWh), contributing to a broader reduction in total variable renewable energy sources despite an increase in solar generation.
Hydropower generation across the SEE region also saw a slight decline to total 3,683 GWh, down by -3.4%. Significant reductions were noted in Greece and Bulgaria, where hydropower output decreased by -22.3% and -33.1%, respectively. In contrast, Croatia recorded an exceptional surge in hydropower generation due to low previous outputs.
Thermal power generation, however, increased across the region to reach 6,611 GWh, marking a week-on-week rise of 6.6%. This growth was driven primarily by gas-fired generation, which increased by 13.9% (+451 GWh). Greece exhibited a notable increase due to a substantial rise in gas utilization.
The cross-border electricity flows within the SEE region indicated a contraction in net imports, declining by -16.8% week-on-week to total 1,291 GWh. Italy remained the largest net importer despite a reduction of approximately -9.1%. Conversely, Croatia significantly increased its imports by nearly 490%. On the export side, Greece expanded its exports by 18.8%, while Türkiye’s exports rose by over 50%, reflecting shifting trade balances within the region.
