Southeast Europe’s wholesale electricity prices moved higher in the first week of June, with Week 23 (1–7 June 2026) showing a split between southern markets and softer Central SEE pricing. The divergence was accompanied by weekly changes across day-ahead averages in multiple countries. The pattern also reflected different price levels between markets that are often compared within the same regional stack.
Southern markets firm while Central SEE eases
In Bulgaria, the weekly day-ahead average increased 7.8% week on week to €100.83/MWh. Italy stayed the region’s premium market, rising 3.7% to €128.09/MWh, while Greece increased 2.9% to €89.25/MWh. The southern SEE price complex was therefore firmer, supported by higher regional demand, weaker variable renewables and tighter evening balancing conditions.
Central and Western SEE saw declines across several markets. Serbia recorded the sharpest fall, with its weekly average dropping 5.8% to €99.63/MWh. Hungary slipped 2.0% to €103.15/MWh, Croatia declined 1.6% to €99.29/MWh, and Romania eased 1.2% to €102.23/MWh.
The separate direction of prices in these countries pointed to differences in local conditions rather than a single regional driver. Local supply conditions, hydro availability, cross-border import options and thermal dispatch patterns were cited as factors behind the moves in Central and Western SEE.
Price ranking and the Türkiye outlier
Italy at €128.09/MWh remained well above other SEE markets, maintaining a structural premium tied to its demand profile, import dependence and gas-linked marginal pricing. Hungary at €103.15/MWh, Romania at €102.23/MWh, and Bulgaria at €100.83/MWh formed a middle cluster for the week. Serbia and Croatia traded just below the €100/MWh level, while Greece at €89.25/MWh was cheaper than most neighbouring markets.
The outlier was Türkiye, where the weekly average rose from €4.03/MWh to €22.53/MWh, equivalent to a 459% increase (). The move was not presented as convergence with SEE levels, as Turkish prices remained far below the regional stack and the change was linked to a rebound from an exceptionally low base in the previous week.
Daily and hourly structure across Week 23
The daily pattern showed most SEE markets peaking on Monday, 1 June, with lowest prices generally recorded on Sunday, 7 June. This profile matched stronger weekday industrial and commercial load alongside weaker weekend demand and a more favourable renewable balance during lower-load periods.
The hourly shape followed a summer pattern: lower midday prices coincided with solar generation depressing residual demand, followed by a steep evening ramp as solar output faded. During that evening period, thermal or hydro units were described as becoming more decisive for balancing needs.
Market signals across demand, fuel and renewables
The Week 23 setup indicated that SEE price signals were not explained only by demand or gas prices . Demand rose at the regional level, but Serbia still softened even as gas prices remained elevated across the broader market context.
Renewables fell across the region while hydro recovery moderated prices in selected markets. The result was a trading environment where country-level fundamentals were treated as decisive for how prices developed during the week.
Italy–Greece spread and Serbia’s weekly drop
The Italy–Greece differential remained prominent, with Italy’s weekly average of €128.09/MWh compared with Greece’s €89.25/MWh. Both markets recorded weekly increases, but the gap still reflected a wide southern Europe spread relevant for cross-border attention where interconnection constraints affect how lower-priced power can influence higher-priced areas.
Serbia’s decline was also highlighted because it occurred alongside broader regional demand growth . The Serbian market was described as benefiting from looser local marginal conditions supported by improved hydro generation and higher domestic thermal availability.
The overall Week 23 picture was characterised as divergence rather than uniform tightening across Southeast Europe . Southern SEE strengthened, Bulgaria moved above €100/MWh, Greece stayed relatively moderate, Türkiye remained structurally cheap, and Serbia weakened despite the rise in regional consumption.
