Electricity prices across the Southeast Europe (SEE) region surged sharply in Week 02 of 2026 compared with Week 01. Most SEE markets saw substantial weekly increases, with prices climbing over 40% in Bulgaria, Romania, Hungary, and Serbia. In these countries, average electricity prices converged around €130–136/MWh, reflecting strong market coupling and limited availability of lower-cost cross-border imports. Daily prices exceeded €100/MWh in nearly all SEE markets, except Greece and Türkiye. The regional average price rose from €89.73/MWh in Week 01 to €111.36/MWh in Week 02, a week-on-week increase of 24.1%, signaling overall strengthening of market conditions. Prices started the week at elevated levels, peaked on Thursday, January 8, and gradually stabilized around €100/MWh by week’s end. Hungary and Croatia recorded the largest weekly increases at 47.10% and 46.40%, followed by Romania (44.47%) and Bulgaria (41.39%). Meanwhile, Italy experienced a more moderate increase of 10.71%, with elevated but stable prices, and Greece was the only SEE market to record a week-on-week price decline, suggesting improved system balance driven by higher renewable output and favorable cross-border flows.
In Central Europe, weekly electricity prices averaged around €111/MWh. All countries in the region reported prices exceeding €100/MWh. Stronger electricity demand due to a cold snap pushed prices upward, ranging from €101/MWh to €135/MWh. Slovakia recorded the highest average price at €135.33/MWh, a sharp 53.09% increase from Week 01, followed by Austria at €133.02/MWh. Conversely, France had the lowest Central European price at €101.14/MWh, though still elevated, after a 24.71% rise from the previous week. Across Europe, wholesale electricity averaged €116.94/MWh, with limited regional dispersion. Prices ranged from €78.47/MWh in Spain to €146.15/MWh in Poland, while Iberian markets experienced moderate declines, with Spain (-10.87%) and Portugal (-10.77%) due to improved system balance.
In Southern Europe, most SEE countries posted prices above €100/MWh, with the exceptions of Serbia, Greece, and Türkiye. Regional prices ranged from €56/MWh to €136/MWh. Türkiye recorded the lowest weekly average at €56.17/MWh, while Greece emerged as the second cheapest market at €86.65/MWh, down -7.07% week-on-week. Hungary had the highest weekly average at €135.71/MWh, up 47.10% from the week of December 19th. Romania (€134.50/MWh) and Bulgaria (€133.95/MWh) also ranked among the priciest SEE markets. Most SEE countries saw daily peaks on Thursday, January 8, and lowest levels on Sunday, January 11. As Week 03 began, wholesale prices continued an upward trend, with Day-Ahead prices on January 14 ranging from €132.48/MWh in Greece and €143.33/MWh in Albania to €182.07/MWh in Hungary and €189.62/MWh in Bulgaria and Romania.
Electricity demand in SEE rose significantly in Week 02, from 16,332.11 GWh in Week 01 to 18,684.18 GWh, a 14.4% increase (2,532.07 GWh). Heavy snow and rain, combined with sub-zero temperatures, drove widespread use of heating. Italy recorded the highest week-on-week increase at 34.02%, equivalent to 1,591.98 GWh, while Hungary, Bulgaria, and Croatia grew by 27.68%, 11.17%, and 11.21% respectively. Greece and Romania were the only SEE markets to see marginally lower electricity demand.
Variable renewable generation in SEE rose from 3,368.9 GWh (Week 01) to 3,869.1 GWh (Week 02), a 14.8% week-on-week increase, driven entirely by higher wind output, while solar generation declined regionally, likely due to increased cloud cover and shorter daylight hours. Türkiye, Italy, Greece, and Romania contributed most to the rise, with Türkiye alone producing over half of total SEE variable RES output. Romania saw the strongest relative growth, thanks to a 78.5% rebound in wind generation. In contrast, Bulgaria, Hungary, and Serbia recorded lower variable RES output due to falling solar production (Bulgaria, Hungary) or weaker wind conditions (Serbia).
Hydropower generation increased sharply in Week 02 by 26.8% week-on-week, reaching 1,819.27 GWh, reflecting improved hydrological conditions. Relative gains were strongest in Croatia (+576%), Greece (+205%), and Serbia (+202%), though based on low Week 01 baselines, indicating rapid short-term recovery in inflows and reservoir utilization. Absolute increases were mainly from Italy (+114 GWh) and Türkiye (+72 GWh), while Romania saw a -11.2% decline, and Hungary remained negligible.
Thermal generation in Southeast Europe rose 9.2% week-on-week, totaling 9,171.05 GWh in Week 02, despite lower lignite/coal output. The rise was driven entirely by gas-fired generation, which jumped 19%, from 4,788.92 GWh to 5,696.02 GWh, offsetting coal declines. Coal/lignite generation fell -3.7%, from 3,607.19 GWh to 3,475.03 GWh, reflecting reduced baseload operation in some markets. Country-level developments varied: Italy saw the largest absolute thermal increase, with gas output up 819 GWh, serving as the main balancing source amid rising demand and variable RES. Hungary increased gas-fired generation, offsetting minor coal changes. Bulgaria raised lignite generation by 30%, while Greece, Croatia, Türkiye, and Serbia reduced total thermal output, reflecting stronger renewables and hydropower contributions and lower gas reliance.
Cross-border electricity flows in SEE dropped sharply, with net imports declining -34.53% to 813.52 GWh. Greece increased net exports from -45 GWh to -293 GWh (+551%), driven by lower domestic demand and reduced thermal generation. Italy (-55.9%) saw lower domestic consumption and higher wind generation, reducing surplus for export.