October 15, 2024
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HomeSEE Energy NewsRegion: SEE electricity prices drop amid increased renewables and decreased demand

Region: SEE electricity prices drop amid increased renewables and decreased demand

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In Week 37 of 2024, electricity prices in Southeast Europe (SEE) experienced a decline compared to the previous week, primarily due to lower gas and CO2 emission allowance prices, increased wind energy production, and reduced demand. Notably, Croatia and Serbia recorded the most significant drops in electricity prices, with decreases of 32.55% and 28.68%, respectively. Romania and Greece followed with declines of 26.31% and 26.21%. Turkey was the only country to see a slight increase in prices, up by 0.37%.

Central Europe also saw a reduction in spot electricity prices, driven by lower gas prices and decreased electricity demand. Prices in this region ranged from €51 to €95/MWh, with Slovakia being the most expensive at €95.08/MWh, despite a 27.02% decrease. France had the lowest price at €51.37/MWh, down 37.61%.

In the SEE region, average electricity prices were above €100/MWh for most countries, except Croatia and Turkey. Turkey had the lowest weekly average at €65.40/MWh, while Hungary reported the highest at €128.21/MWh, despite a 17.81% drop.

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Electricity demand in SEE countries fell by 5.13% compared to the previous week, totaling 15,974.72 GWh, largely due to decreasing temperatures. Croatia and Italy experienced the largest percentage declines in demand, at 10.78% and 10.67%, respectively.

Renewable energy production also shifted, with a 10.4% increase in variable renewables output in SEE, reaching 2,734.76 GWh. Wind generation surged significantly, especially in Hungary and Italy, while solar output decreased by 10.8% overall, despite gains in Croatia, Turkey, and Italy.

Hydropower generation rose to 2,544.39 GWh, bolstered by increased output in Italy, while thermal power generation saw a substantial drop of 16.27%, primarily from declines in coal and gas-fired generation across several countries.

Lastly, cross-border electricity trade saw a decrease in net imports by 13.43% in the SEE region, totaling 1,305.25 GWh. Notably, Turkey shifted from being a net exporter to a net importer.

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