Across Southeast Europe, 2025 has marked the first full year in which renewable electricity producers have operated not as a protected transition segment, but as core contributors to regional power systems and wholesale price formation. Wind, solar and hydro assets are no longer marginal add-ons; they are now shaping intraday price curves, cross-border flows and balance-of-system economics.

Once exchange liquidity and cross-border capacity are understood, the decisive question in South-East Europe becomes operational rather than theoretical: who controls flows at the margin, on which borders, and during which hours. The answer is not uniform across the region. Dominance shifts by corridor, by time block, and by whether a market is deep enough

By early 2026, South-East Europe’s electricity market is no longer best understood through national supply–demand balances alone. The decisive variable has become where liquidity concentrates, how effectively it travels across borders, and how deeply intraday markets absorb volatility. Power exchanges in SEE are no longer merely trading venues; they are price transmission engines whose depth,

South-East Europe’s power market is often described through exchanges and interconnectors, but the day-to-day reality is that liquidity is delivered by trading houses. They determine whether price spreads close quickly or persist for hours, whether intraday volatility becomes an opportunity or a penalty, and whether industrial buyers are offered tight index-based supply or contracts loaded