Cross-border power flows reshaped national trade positions across Southeast Europe in Week 42, even as the region’s combined net electricity imports changed little. Net imports rose just 0.4% to 1,194.36 GWh, according to figures credited to Virtu.Energy. Greece exported substantially more power, while Serbia and Hungary increased imports.
Greece’s net exports climbed 143.88% to 198.49 GWh. Serbia’s net imports rose from 12.16 GWh to 96.58 GWh, and Hungary’s increased 34.22% to 279.71 GWh. Bulgaria’s exports fell 97.8% to just 3.56 GWh. Romania cut net imports 59.06% to 77.57 GWh, while Croatia reduced its import requirement 20.65% to 119.57 GWh.
Greek electricity was considerably cheaper than power in Bulgaria, Romania, Serbia and Hungary during Week 42, while Greece increased its net exports. Large price spreads nevertheless persisted, indicating that the regional network could not fully eliminate the differences through cross-border trade. Serbia’s higher imports, Greece’s stronger exports and Bulgaria’s sharply reduced surplus formed part of the same regional balance.
Price spreads and transmission capacity
These shifts affect the commercial value of generation beyond a plant’s domestic market. A generator’s revenue may depend on whether cross-border capacity is available to deliver electricity to a higher-priced neighbouring market. For traders, persistent spreads create value in forecasting congestion and securing cross-border transmission capacity. For transmission operators and policymakers, the spreads signal where network reinforcement could bring economic benefits.
The distinction also matters for renewable developers. Wind and solar projects in structurally congested zones may face low local prices even when neighbouring markets are expensive. Access to stronger interconnection can potentially allow a project to sell into a wider regional price pool.
These considerations are particularly relevant in the Western Balkans. Serbia lies between Central Europe, Romania, Bulgaria, Bosnia and Herzegovina, Montenegro and North Macedonia, so its long-term electricity-market value depends both on additions to domestic generation and on efficient exchanges with neighbouring systems. Montenegro has a similar strategic role: its transmission system connects the Western Balkans directly towards Italy through a subsea interconnector.
Storage and changing regional balances
Cross-border trading also strengthens the commercial case for storage. Storage can lessen reliance on constrained interfaces during expensive hours. It can absorb imports or domestic renewable surpluses when market and network conditions are more favourable.
Week 42 showed why national generation statistics alone do not describe Southeast Europe’s electricity balance. As renewable penetration increases, the relationships between national markets will become more dynamic. Where and when electricity is produced, and whether transmission capacity can carry it to the market willing to pay the highest price, will increasingly shape the regional power market.