Italy’s role as the main import market in Southern Europe kept regional power spreads open in Week 24. Even though its day-ahead price declined by 3.8%, Italy still remained the highest-priced SEE comparator at €123.17/MWh. This premium was significant compared with Serbia at €78.22/MWh, Türkiye at €22.85/MWh, Greece at €91.53/MWh, and Bulgaria at €93.58/MWh.
The spread was primarily supported by demand dynamics. Italian electricity consumption increased by 319.8 GWh (6.7%), reaching 5.12 TWh, marking the largest absolute weekly demand increase in the region. This stronger load profile pushed Italy to rely more heavily on imports, with net imports rising by 130.9 GWh (13.8%) to 1.08 TWh.
At the same time, Italy’s internal generation mix tightened. Thermal output increased by 191.1 GWh (17.6%), driven by both coal and gas-fired plants. This combination of higher demand, higher imports, and higher thermal generation explains why Italy maintained a persistent price premium even during a broader regional softening in electricity prices.
This structural spread also created opportunities for neighbouring systems. Bulgaria expanded net exports by 103.2%, Greece significantly reduced net imports, and Türkiye strengthened its export position by 53.1%. In effect, Italy absorbed a large portion of the regional surplus generation during the week.
For market participants, Italy’s position remains central to SEE trading dynamics. When Italian demand increases, cross-border capacity becomes more valuable, and lower-priced Balkan generation can more easily find a commercial outlet. The key constraint is no longer demand, but the availability of interconnector capacity to transmit that value.
Overall, Italy continues to function as the price anchor and import sink for the region. Its persistent premium ensures that SEE cross-border spreads remain commercially relevant, particularly during periods of strong demand and high renewable output across neighbouring markets.