Electricity prices across the Southeast Europe (SEE) region recorded a sharp increase in Week 03 compared to Week 02, with all observed markets posting week-on-week gains. The regional average price rose by approximately 29%, with Serbia experiencing the largest jump at 65.5%, reflecting tight supply conditions and/or increased import dependence. Bulgaria, Romania, and Hungary clustered in the €170–175/MWh range, highlighting strong regional market coupling and similar marginal pricing conditions. Greece saw prices climb by nearly 37%, likely due to lower renewable output and higher marginal costs, with gas-fired generation increasingly setting the market price. Italy posted a more moderate increase of 14%, remaining below the SEE regional average, while Türkiye recorded the lowest weekly average at €60.20/MWh, reflecting different market fundamentals and limited market coupling.
In Central Europe, weekly electricity prices surged in the second week of January, averaging around €123/MWh. Most countries recorded prices above €100–110/MWh, except France and Germany, driven by higher demand due to a cold snap. Prices ranged from €103/MWh in France to €164/MWh, with Slovakia at the highest average of €163.91/MWh (+21.12% WoW) and Slovenia close behind at €159.77/MWh.
During Week 03 of 2026, the European wholesale electricity market averaged €140/MWh, with limited dispersion across regions. Prices ranged from €103.23/MWh in France to €175.10/MWh in Romania. Iberian (MIBEL) markets saw strong gains, with Spain and Portugal surging approximately 40.3–40.6%, reaching €110.11/MWh and €110.43/MWh, respectively. Most SEE countries recorded prices above €115/MWh, with daily peaks typically observed on Tuesday, January 13, exceeding €200/MWh, while Sunday, January 18 saw the lowest levels. As Week 04 began, Day-Ahead prices on January 21 ranged from €121.50/MWh in Montenegro to €171.60/MWh in Serbia.
Electricity demand in the SEE region increased moderately by 3.2% WoW, applying upward pressure on prices, especially in markets facing generation constraints. Demand growth varied across countries: Greece, Romania, and Bulgaria recorded double-digit increases due to colder weather and higher heating needs, particularly during peak hours. Türkiye saw the largest absolute rise (+430 GWh), while Hungary and Serbia showed marginal growth of 1.14% and 2.34%, indicating stable consumption patterns. Conversely, Italy experienced a 3.3% demand contraction, and Croatia declined sharply by 15.1%, partially offsetting regional increases.
Variable renewable energy (RES) generation in SEE dropped significantly by 34.2% WoW, falling from 3,871.8 GWh to 2,547.9 GWh. The decline was driven mainly by a 45.8% drop in wind generation, outweighing a 27.7% increase in solar output. Wind fell by nearly 1.5 TWh, while solar added only 0.17 TWh, leading to a net loss of 1.3 TWh from variable RES. Country-level data showed Greece with a -46.5% wind drop, partially offset by a 56.9% rise in solar, while Romania experienced a 20.5% RES decline, dominated by weak wind. Italy saw one of the steepest wind reductions at -55.8%, with minimal solar compensation.
Hydropower generation increased markedly in Week 03, providing a critical buffer against weak wind. Total output rose from 1.72 TWh to 2.22 TWh, with Croatia recording the highest increase of +485%, and Greece doubling generation (+106%), adding nearly 96 GWh. Türkiye contributed 314 GWh (+41.1%), significantly bolstering regional totals and supporting system flexibility.
Thermal power generation across SEE also increased, rising 16.4% WoW to 10.68 TWh, driven mainly by higher gas-fired output to compensate for weak wind and meet balancing needs. Gas generation rose 22.6% to 6.98 TWh, with Italy adding +466 GWh, Türkiye +620 GWh, and Greece +163 GWh. Lignite and coal generation grew 6.3% to 3.69 TWh, led by Türkiye (+90 GWh), Bulgaria (+56 GWh), and Greece (+47 GWh), while Italy and Serbia recorded slight declines.
Cross-border electricity exchanges increased 18.2% WoW to 1.58 TWh, reflecting higher demand and lower renewable availability, particularly wind. Italy remained the largest net importer at 941 GWh, stable compared to the previous week. Romania showed the sharpest relative increase (+175% WoW) to 158 GWh, indicating tight domestic supply–demand balance. Serbia also increased imports +51% WoW to 312 GWh, while Croatia rose moderately +18%. Hungary reduced net imports -5.2% WoW to 385 GWh, reflecting improved domestic generation. On the export side, Greece slightly reduced net exports -4.0%, while Türkiye increased exports +13.9%, maintaining their status as regional net exporters.