Electricity prices across the Southeast European (SEE) region fell significantly in Week 01 of 2026 compared to Week 52 of 2025, driven by reduced demand during the New Year holidays and higher wind and solar generation. With the exception of Italy, all markets reported week-on-week price declines, many in the high single-digit to low double-digit range. Daily prices in all SEE markets remained below €100/MWh, except for Italy. The regional average price decreased from €94.82/MWh in Week 52 to €89.73/MWh in Week 01, representing a week-on-week decline of 8.40%, indicating a general softening of market conditions. Prices opened the week above €100/MWh but gradually stabilized at lower levels by week’s end. Serbia and Romania saw the largest declines, at -12.80% and -11.53% respectively, followed by Bulgaria (-10.07%) and Croatia (-9.04%).
In Central European markets, weekly electricity prices also retreated, averaging around €83/MWh. Weaker electricity demand compared with the previous week contributed to falling market prices across most markets, except for France, Belgium, the Czech Republic, and Switzerland, where a cold snap pushed prices higher. Prices across the region ranged from €81/MWh to €106/MWh, with Switzerland recording the highest average at €106.17/MWh (+0.22% vs. Week 52), followed by the Czech Republic at €95.20/MWh. The Netherlands registered the lowest price at €80.63/MWh, a -2.28% decrease compared to the previous week.
Across the European wholesale electricity market, the weekly average price stood at €89.70/MWh, with significant variation across regions. Prices ranged from €80.50/MWh in Poland to €107.84/MWh in Italy. The Iberian (MIBEL) markets diverged from the regional trend, with both Spain and Portugal experiencing sharp week-on-week increases of ~28.62%, averaging €88.04/MWh. In Southern Europe, all SEE countries recorded prices below €100/MWh, except for Italy. Regional prices ranged from €56/MWh to €108/MWh, with Türkiye at the lowest weekly average of €55.70/MWh. Croatia was the second cheapest SEE market at €90.28/MWh, following a -9.04% decline, while Italy recorded the highest weekly average at €107.84/MWh (-0.43% vs. Week 52). Bulgaria (€94.74/MWh) and Greece (€93.24/MWh) ranked among the more expensive markets. Most SEE markets saw highest daily prices on Monday, 29 December 2025, with lowest levels on Thursday, 1 January 2026. As the new week began, Day-Ahead prices on 7 January ranged from €37.46/MWh in Montenegro and €52.86/MWh in Albania to €142.18/MWh in Romania and €146.62/MWh in Slovakia.
Electricity demand across the SEE region fell notably in Week 01 of 2026, dropping from 17,818.56 GWh in Week 52 to 16,332.11 GWh, an absolute decrease of 1,486.45 GWh, reflecting weaker regional consumption at the start of the year. Demand declined in all markets except Greece, which saw a week-on-week increase of 6.10%, likely due to colder weather. The largest demand decreases occurred in Italy, Türkiye, and Hungary, with Italy’s consumption falling sharply to 4,679.84 GWh, driving much of the regional decline. Moderate drops were observed in Bulgaria, Romania, Serbia, and Croatia.
Variable renewable generation in SEE markets surged during Week 01, driven primarily by strong wind output, while solar generation increased more moderately. Overall, total variable renewable electricity generation rose 89.2% week-on-week, reflecting a substantial improvement in renewable availability across the region. Wind generation jumped from 1,151.08 GWh in Week 52 to 2,594.68 GWh in Week 01, a 125.4% increase, with Türkiye contributing the largest absolute increase of 725.10 GWh. Italy and Greece also posted strong gains. Solar generation rose from 614.09 GWh to 744.74 GWh, a 21.3% increase, with Italy remaining the largest solar producer. In Balkan markets, solar output remained limited but showed incremental improvements.
Conversely, hydropower generation in Southern Europe declined sharply, reflecting deteriorating hydrological conditions. Total hydro output fell from 1,793.06 GWh in Week 52 to 1,447.20 GWh in Week 01, an absolute drop of 345.86 GWh (-19.29%). Türkiye and Italy, despite being the largest contributors, accounted for much of the regional decline, while Greece (-45.72%) and Serbia (-50.41%) recorded the steepest relative contractions. Romania saw a slight increase of +0.93%, maintaining broadly stable hydro output, while Croatia was an outlier, more than doubling hydro generation (+123.23%), likely due to increased local precipitation.
Thermal generation in SEE markets decreased significantly in Week 01, totaling 8,396.11 GWh, a -18.43% week-on-week decline, driven mainly by lower gas-fired output. Coal/lignite-fired generation fell modestly by -3.97%, reaching 3,607.19 GWh, while gas-fired generation plunged -26.73% to 4,788.92 GWh. Country-specific trends varied: in Türkiye, coal generation fell -4.99% and gas output -21.27%. Bulgaria saw coal generation drop -27.28% with a slight +1.22% increase in gas generation. In Greece, coal-fired output fell to 61.37 GWh (-16.46%), while gas-fired production decreased -6.10%.
Cross-border electricity flows in SEE markets dropped sharply, with net imports down -45.80% week-on-week to 968.89 GWh. Serbia, Croatia, and Italy recorded the highest net imports, down -86.49%, -68.97%, and -34.24%, respectively. Türkiye and Greece continued to export, with Greece’s net exports declining slightly (-0.19%) and Türkiye’s increasing +37.48%.