Italy — physical cross-border flows, 2026

Month by month

All borders together, with consumption for scale.

Month	Consumption, MWh	Physical exports			Physical imports			Average price, €/MWh	Difference €	Import ÷ consumption
Month	Consumption, MWh	MWh	€/MWh	€	MWh	€/MWh	€	Average price, €/MWh	Difference €	Import ÷ consumption
January	25,603,588	379,666	136.29	51,745,041	3,644,549	135.46	493,695,804	130.62	−441,950,763	14.2%
February	22,961,511	136,807	103.43	14,149,522	4,359,773	115.21	502,280,737	111.85	−488,131,215	19.0%
March	23,478,274	113,579	142.67	16,204,521	5,583,342	145.20	810,695,560	140.95	−794,491,039	23.8%
April	20,519,231	184,380	107.62	19,842,794	4,705,345	126.54	595,394,511	117.30	−575,551,717	22.9%
May	21,120,891	256,074	94.55	24,211,478	4,116,815	130.10	535,589,986	115.03	−511,378,508	19.5%
June	24,111,151	191,527	136.78	26,197,563	4,496,675	134.27	603,779,263	130.52	−577,581,700	18.6%
July	28,647,491	152,404	166.51	25,376,731	5,292,373	158.00	836,186,946	157.40	−810,810,215	18.5%
August	25,761,198	172,895	198.75	34,362,623	4,380,314	177.31	776,693,296	182.17	−742,330,673	17.0%
September36.7% of hours	9,418,640	60,679	226.41	13,738,267	1,792,440	204.64	366,807,908	208.53	−353,069,641	19.0%
Total	201,621,974	1,648,010	137.03	225,828,540	38,371,627	143.89	5,521,124,011	140.72	−5,295,295,472	19.0%

Consumption is measured separately, as the hourly average power summed over the month — not by adding up readings, since sources publish at different rates. The last column puts imports next to it for scale; it is not a dependency figure, because part of what enters passes straight through to another neighbour.

Where the difference comes from

5,295,295,472 € for 36,723,616 MWh that stayed in the country works out at 144.19 € per megawatt-hour, in a month that averaged 140.72.

Energy that stayed, at the month's average price 5,167,603,248 97.6%
What came in arrived above that average 121,619,236 2.3%
What went out left below it 6,072,988 0.1%

The first line is energy the country needed and got. The other two — 127,692,224 € together — come not from how much moved but from when: cheap hours to sell in, expensive hours to buy in. That is the price of a timing mismatch, not a loss.

Official validation

The measured physical flow, checked against ANRE's published commercial trade.

Month	Physical net, MWh	Commercial net, MWh	Difference, MWh	Status
January	—	—	—	AWAITING OFFICIAL ANRE DATA
February	—	—	—	AWAITING OFFICIAL ANRE DATA
March	—	—	—	AWAITING OFFICIAL ANRE DATA
April	—	—	—	AWAITING OFFICIAL ANRE DATA
May	—	—	—	AWAITING OFFICIAL ANRE DATA
June	—	—	—	AWAITING OFFICIAL ANRE DATA
July	—	—	—	AWAITING OFFICIAL ANRE DATA
August	—	—	—	AWAITING OFFICIAL ANRE DATA
September	—	—	—	AWAITING OFFICIAL ANRE DATA

Gross volumes differ by design: the official indicators include transits, and a transit is counted once entering and once leaving, while a physical border sees it only once. Net figures converge, because transits cancel out — which is why the comparison is made on the net.

The percentage relates the difference to the month's commercial net. In a month with a small net, the same difference in MWh yields a larger percentage — which is why the difference is always shown in MWh as well.

ANRE publishes these exchanges as a physical balance in GWh. It publishes no import or export value and no average price per direction, so no money comparison is possible.

Physical cross-border flows and commercial electricity trades measure different phenomena. ANRE data is shown as an independent official benchmark and should not be interpreted as an exact reconciliation.