Greece strengthened its position among Southeast Europe’s most competitive electricity markets in Week 42, as renewable and gas-fired generation rose alongside exports. The Greek day-ahead electricity price averaged €186.57/MWh, up 6.7% from the previous week. Prices remained substantially below those in Serbia, Hungary, Romania, Bulgaria and Croatia.
The gap with Bulgaria widened to €49.32/MWh, while the price differential with Hungary reached €60.30/MWh. Increased generation supported Greece’s price advantage during the week.
Wind and gas generation increased
Combined Greek wind and solar output rose 11.9% to 640.88 GWh. Wind generation jumped 83.5%, more than offsetting a 16.9% decline in solar production.
Thermal generation climbed 26.14% to 437.23 GWh, primarily as gas-fired output increased 26.56%. Thermal production rose despite stronger renewable generation, adding to the electricity available for domestic consumption and exports.
Hydropower was the weaker part of the generation mix, falling 33.97% to 30.22 GWh. That decline was not enough to offset the increase in wind and thermal output.
Exports rose as regional supply tightened
Greek net electricity exports surged 143.88% to 198.49 GWh. The country became a more significant source of supply for neighbouring markets as several northern Balkan systems were tightening.
Greece has spent years expanding renewable generation while strengthening its gas infrastructure and cross-border connectivity. Week 42 showed how those assets can work together commercially under favourable weather conditions.
High wind output reduced the effective cost of part of Greece’s electricity mix, while gas-fired units provided additional dispatchable generation. Together, they enabled the country to meet domestic consumption and send more electricity to higher-priced neighbouring markets.
The week also illustrated the continuing role of gas generation in a power system with rapidly growing renewable capacity. Gas prices were exceptionally high, yet Greek gas-fired output still rose substantially. Electricity-market conditions and export opportunities were sufficiently attractive to support dispatch despite expensive fuel.
Interconnection and storage shape market opportunities
For regional traders, Greece’s potential role is that of a southern supply hub linking renewable generation, LNG-backed gas-fired capacity and Balkan electricity demand. For investors, the picture is more nuanced: large renewable additions can bring lower wholesale prices and periods of merchant-price compression.
In a strongly interconnected market, surplus renewable electricity can increasingly be monetised through exports rather than remaining within the domestic market. That makes transmission capacity central to the investment case.
Batteries can also retain electricity during low-price renewable hours and release it during evening or regional peaks, potentially improving the value captured by renewable projects. Week 42 did not establish a permanent structural advantage for Greece, as weather, outages and transmission constraints can quickly reverse trade patterns.
The week demonstrated a market configuration that may become more frequent: Greece producing large volumes of wind and solar electricity, dispatching flexible gas generation where required and exporting surplus power to more expensive Balkan markets. This combination could make the Greek market increasingly influential in shaping electricity flows across Southeast Europe. Courtesy of Virtu.Energy.