In Week 45 of 2024, electricity prices across Southeast Europe (SEE) saw significant increases, driven by higher electricity demand and rising gas prices. The demand surge, which was observed across all SEE countries, coupled with average gas prices exceeding €40/MWh for much of the week, pushed electricity prices higher.
Price increases by country
- Serbia saw the largest percentage increase in electricity prices, rising by 35.51%, followed by Hungary with a 29.21% increase.
- Croatia and Romania experienced increases of 26.00% and 21.61%, respectively.
- Italy and Greece saw more modest increases of 5.38% and 5.32%, respectively.
Market overview
Electricity prices in Central Europe also recorded gains, with prices surpassing €100/MWh in most markets. Prices ranged from €111 to €146/MWh, with Germany being the most expensive market at €146.20/MWh, a 34.97% increase compared to the previous week. Slovakia followed at €145.52/MWh, while France had the lowest price in Central Europe at €111.25/MWh, though this was still 20.66% higher than the previous week.
Across Europe, the weekly average price stood at approximately €130/MWh. Prices in Portugal and Spain in the MIBEL market surged, with averages reaching €110.47/MWh and €110.49/MWh, respectively. The scheduled shutdown of the Ascó I nuclear power plant for refueling on November 4 contributed to the price increase in the Iberian Peninsula.
In the SEE region, all countries except Turkey recorded electricity prices above €100/MWh. Prices ranged from €63/MWh to €153/MWh, with Turkey having the lowest price at €62.58/MWh. Romania registered the highest price at €153.39/MWh, up 21.61% from the previous week, while Bulgaria followed closely with the same price.
Electricity demand and consumption
Electricity demand across SEE countries rose by 9.06% compared to Week 44, amounting to 15,581.74 GWh. This increase was driven by colder temperatures and the resumption of work activity following public holidays in Italy and Greece. Bulgaria and Romania experienced the highest demand growth at 12.19% and 12.05%, respectively.
Renewable energy output
In Week 45, renewable energy production in SEE showed mixed trends:
- Wind generation surged by 22.8%, reaching 1,748.76 GWh, driven by high wind speeds in Turkey, Greece, and Romania. Greece saw the highest increase at 42.1%, followed by Turkey (36.1%) and Romania (9.3%).
- Solar output, however, fell by 11.9%, due to lower solar generation in Italy, Turkey, and Greece.
- Hydropower output in SEE declined by 6.97%, due to lower water levels in most countries, except Hungary and Bulgaria, where output increased.
Thermal generation
Thermal power generation in SEE increased significantly, rising by 14.82%. Turkey and Bulgaria saw substantial increases in coal and gas-fired generation, while Italy and Greece also saw a surge in gas-fired generation. Greece had a significant rise of 29.48% in gas-fired generation.
Cross-border trade
The SEE region experienced a drop in net electricity imports by 31.81%, totaling 1,039.37 GWh. However, electricity exports rose by 53.0%, amounting to 311.04 GWh. Greece saw the highest increase in electricity exports, up by 221.90%, while Italy and Croatia saw their net electricity imports fall significantly.
In conclusion, the week’s electricity market dynamics were marked by a sharp increase in prices, driven by higher demand, rising gas prices, and weather-related fluctuations in renewable energy generation. While the SEE region witnessed a surge in wind and thermal generation, solar and hydropower output declined, reflecting the changing seasonal conditions. Cross-border trade also adjusted accordingly, with exports increasing while imports dropped.
