During Week 39 of 2025, electricity market prices recovered significantly compared to Week 38 across Southeast European countries. All markets reported weekly average prices above €90/MWh, with Italy and Hungary exceeding €100/MWh. The increase was driven by rising weekly gas and CO2 emission allowance prices, even though electricity demand declined in most markets, along with reduced renewable electricity generation. Prices in most SEE countries averaged around €82/MWh, starting low at the beginning of the week, peaking on Tuesday, September 23, and stabilizing between €90 and €100/MWh toward the end. Croatia and Greece experienced the sharpest increases in electricity prices, at 29.17% and 24.97% respectively, followed by Bulgaria with 21.69%, Hungary with 21.64%, and Romania with 21.23%. Italy, despite being the most expensive market, was the only country to record a slight decline of -0.8% during Week 39.
In Central Europe, during the fourth week of September, most electricity markets recorded weekly prices above €90/MWh, and in most cases above €95/MWh. This was mainly due to decreased solar and wind energy production and a slight rise in gas prices. During Week 39, the markets continued their upward trend. Electricity prices in the region ranged between €44/MWh and €100/MWh. Switzerland was the most expensive market, with an average price of €100.01/MWh, representing an 8.86% increase compared to Week 38, followed by Austria at €98.80/MWh. France recorded the lowest price at €44.17/MWh, though it marked a substantial weekly increase of 34.21%. The European weekly average electricity price in Week 39 was around €89/MWh, ranging from €44.17/MWh in France to €108.67/MWh in Italy.
In the MIBEL markets, prices dropped significantly. Spain saw a decline of -18.50%, reaching €60.59/MWh, while Portugal fell by -18.19% to €60.86/MWh. In Southern Europe, all SEE countries reported prices above €90/MWh during Week 39, ranging between €53/MWh and €109/MWh. Türkiye recorded the lowest weekly average at €52.81/MWh, followed by Greece at €93.20/MWh. Italy had the highest average at €108.67/MWh, a slight decrease of -0.86% compared to the previous week. Hungary and Croatia also ranked among the most expensive markets, with prices of €103.31/MWh and €98.83/MWh respectively. Most SEE markets reached their highest prices on Tuesday, September 23, and their lowest on Thursday, September 25.
At the beginning of the following week, wholesale electricity prices in the region continued to rise. On October 1, Day Ahead prices ranged from €121.57/MWh in Slovenia and €121.90/MWh in Croatia to €141.24/MWh in Albania and €145.83/MWh in Serbia.
Electricity demand in the SEE region declined by 3.02% compared to Week 38, reaching 15,982.83 GWh. The drop was primarily due to reduced consumption in Türkiye (-5.43%), Greece (-3.96%), and Italy (-2.94%). Although temperatures were lower than in summer, they remained mild in southern countries, limiting heating demand, while cooler conditions in northern areas slightly increased consumption. Hungary recorded the largest rise in electricity demand at 6.36%.
Electricity generation from variable renewables in the SEE markets fell sharply by 17.7% week-on-week to 3,018.27 GWh, mainly due to lower wind and solar output. Wind generation decreased by 15.6% to 1,611.90 GWh, with the steepest declines in Hungary (-30.5%), Türkiye (-24.8%), and Greece (-23.3%). Solar generation dropped by 19.9% to 1,406.38 GWh, with Hungary (-39.3%), Italy (-27.2%), and Greece (-18.4%) seeing the largest decreases.
Hydropower generation in the SEE region increased by 8.53% compared to Week 38, reaching 1,781.96 GWh. The growth was mainly driven by higher production in Italy (+22.69%) and Türkiye (+11.69%). However, Hungary (-35.12%), Bulgaria (-13.42%), and Greece (-12.42%) experienced declines in hydropower generation.
Thermal power generation in the SEE markets rose by 2.99% week-on-week to 7,292.52 GWh, supported by higher coal- and gas-fired output. Coal-fired generation increased by 1.38% to 3,275.38 GWh, while gas-fired generation grew by 4.35% to 3,849.52 GWh. Trends varied across countries: Türkiye saw a -1.59% decline in coal generation but a 0.72% increase in gas generation. In Bulgaria, coal production rose by 24.65%, while gas output increased slightly by 0.67%. Greece recorded no coal-fired generation but a 9.77% increase in gas-fired output.
Cross-border electricity trade in the SEE region increased modestly, with net imports up by 1.66% compared to Week 38, reaching 1,187.41 GWh. Imports rose by 0.5% to 1,336.19 GWh, while exports declined by -7.9% to 148.78 GWh. Hungary (+43.79%) and Italy (+6.11%) saw higher net imports, while Romania (-54.92%), Türkiye (-39.21%), and Croatia (-3.12%) reduced their import levels. On the export side, Greece’s net exports dropped sharply by -70.68%, while Bulgaria’s net exports surged by 91.84%, strengthening its role as a key electricity supplier in the SEE markets.
