Day-ahead electricity prices in the Western Balkans rose on 3 November, led by Albania, while Hungary, Romania, Bulgaria and Greece recorded declines. The contrasting moves across Southeast European day-ahead power markets underscored renewed divergence in the region.
Serbia’s SEEPEX base price gained €11/MWh to €305.14/MWh. Montenegro rose €15.5 to €302.80/MWh, and North Macedonia added €9.3 to €302.97/MWh. Albania posted the largest increase, jumping €53.7/MWh to €313.65/MWh, the highest base price among the markets monitored.
By contrast, Hungary’s HUPX price fell €13.1 to €297.53/MWh, while Romania declined to €297.00/MWh and Bulgaria to €296.65/MWh. Greece dropped €45.4 to €267.32/MWh, and Germany remained lower at €252.85/MWh.
Western Balkan prices trade above HUPX
Serbia’s price was €7.60/MWh above Hungary’s, while Montenegro traded €5.26 higher and North Macedonia €5.43 higher. Albania’s premium to HUPX exceeded €16/MWh. Greece, in contrast, was €30.21/MWh below Hungary.
The price pattern points to local supply-demand conditions and cross-border capacity having greater influence than a shared regional generation signal. Hungary remained €44.69/MWh above Germany, preserving a substantial east-west price differential in Central Europe.
Demand and imports increase
Regional electricity demand averaged 35,116 MW, up 459 MW day on day, while net imports rose 204 MW to 4,019 MW. Imports from the core Austrian and Slovak direction increased 225 MW to 3,202 MW, reinforcing the region’s reliance on north-to-south inflows.
Renewable generation conditions were mixed. Forecast wind output rose by 942 MW to 6,115 MW, while solar production fell 559 MW to 1,318 MW. Higher wind availability coincided with lower solar output and rising consumption, keeping regional import requirements elevated.
Peak prices remain firm in Serbia and Montenegro
Serbia recorded firm peak pricing, with SEEPEX’s base price at €305.1/MWh, average peak-hour prices at €341.4/MWh and a daily maximum of €374.5/MWh. The Serbian base price also exceeded its seven-day average of €296.9/MWh.
Montenegro showed a similar pattern. BELEN rose to €302.8/MWh from €287.3/MWh a day earlier, while peak prices averaged €337/MWh and reached a maximum of €365/MWh.
Forward power prices and fuels weaken
Forward markets pointed to some easing in underlying fuel and power costs. Hungary’s Week 46 power contract fell €20.5 to €312.50/MWh, and December power declined €21.5 to €265/MWh. Week 47 moved in the opposite direction, rising €8 to €298/MWh.
Gas prices fell across the reported markets: Austrian CEGH gas dropped €6.3 to €99.05/MWh, Greek gas declined €9.2 to €87.93/MWh, and December gas lost €9 to €96.50/MWh. December coal fell €6 to €142.5, while EU carbon allowances rose €1.3 to €90.52/tonne.
The market faced two competing signals: softer fuel and forward prices reduced fundamental cost pressure, but high import requirements and cross-border price separation kept Western Balkan day-ahead markets above the regional core.
For Serbia and Montenegro, the immediate signal was a localized premium rather than a general European price surge. Indicators to watch include whether Albania’s sharp increase unwinds, whether Serbia and Montenegro retain their premiums to HUPX, and whether the wide Hungary-Germany spread narrows as regional demand and renewable output change.
