Electricity prices across Southeast Europe (SEE) experienced significant declines during the week of April 6-12, 2026, primarily due to decreased demand associated with the Orthodox Easter holiday, a surge in solar energy generation, and a drop in natural gas prices. This period marked a notable shift in market dynamics, characterized by widespread bearish trends across various European power hubs.
Day-ahead electricity prices saw double-digit reductions, reversing the tighter conditions observed in the previous week. The most substantial price drops were recorded in Bulgaria (-24.6%), Greece (-23.5%), and Romania (-22.8%). Other countries such as Croatia (-20.3%), Serbia (-19.3%), and Hungary (-18.6%) also reported significant declines. In contrast, Türkiye diverged from this trend, experiencing a remarkable increase of 28.9%, attributed to local supply-demand factors.
Despite these widespread decreases, several markets maintained elevated price levels. Italy continued to lead as the most expensive market in Southern Europe with an average price of €119.89/MWh for the week, followed by Hungary at €92.19/MWh and Serbia at €91.35/MWh. Romania (€88.01/MWh), Bulgaria (€86.02/MWh), Croatia (€85.09/MWh), and Greece (€84.69/MWh) all remained below the €100/MWh threshold, while Türkiye recorded the lowest price at €24.89/MWh.
Regional electricity demand fell sharply by 6.77% week-on-week, primarily driven by reduced industrial and commercial activity during the holiday period. Greece reported a significant drop of 13.9%, with Serbia at 12.9%, Bulgaria at 12.6%, and Croatia at 17%. Larger economies like Italy and Romania also saw declines of 9.5% and 9.3%, respectively.
On the supply side, renewable energy output significantly influenced the generation mix despite an overall decrease of 6.6% in total variable renewable generation. Wind generation plummeted by 39.8%, particularly affecting Greece and Italy, while solar output surged by 41.8%, benefiting from improved weather conditions and longer daylight hours, particularly in Türkiye, Greece, Hungary, and Italy.
Hydropower generation also contributed positively, increasing by 4.8% week-on-week, with Greece and Italy leading this recovery while Romania provided stable baseload support. Conversely, Serbia faced a sharp decline in hydro generation amidst these changes.
Thermal generation declined as well, reflecting weaker demand coupled with stronger renewable availability; total thermal output fell by 8.3%. Gas-fired generation decreased by 12%, while lignite and coal outputs dropped by 3.9%. Notably, Türkiye increased its thermal generation through higher gas-fired output, contrasting with regional trends.
Cross-border electricity flows diminished during this period, decreasing by 8.3%. Bulgaria notably increased its exports while Romania shifted from being a marginal importer to a net exporter due to improved domestic generation capabilities. Italy remained the largest structural importer within the region.
The fuel markets further supported the bearish sentiment observed throughout SEE; Dutch TTF natural gas futures averaged €47.68/MWh for the week—a decline of 6.2% from the previous week—reflecting subdued demand and stable supply conditions that contributed to lower marginal power generation costs.
Gas market fundamentals showed mixed signals as LNG inflows into Greece slightly declined while Italy experienced an increase in inflows; Croatia also noted marginally lower levels. European storage sites entered the summer injection season but remained below historical averages, creating uncertainty in broader energy forecasts.
Trading volumes underscored the dominance of major European exchanges during this period, with Italy leading regional liquidity at approximately 19,690 GWh traded for the week, followed by Greece (3,130 GWh), Bulgaria (2,499 GWh), Hungary (2,280 GWh), Romania (1,150 GWh), Croatia (890 GWh), and Serbia (120 GWh).
Looking forward, early indicators suggest a potential rebound in prices as demand normalizes post-holiday; day-ahead prices have already climbed above €125/MWh in several SEE markets at the beginning of the following week, indicating renewed tightening in regional fundamentals amidst ongoing volatility within interconnected European energy markets.
This week’s developments reflect a temporary correction influenced by seasonal demand fluctuations alongside robust solar generation and easing fuel costs—highlighting an intricate interplay between market dynamics that will continue to shape the energy landscape across Southeast Europe.
