Day-ahead electricity prices across Southeast Europe diverged on Thursday, September 17, with stronger solar output lowering prices in parts of the central Balkans while tighter conditions and cross-border constraints supported higher levels in Hungary, Slovenia and Austria.
Serbia and western Balkans see sharp declines
Serbia’s SEEPEX recorded the region’s lowest baseload price at €109.08/MWh, down €42.80 from the previous session. The Serbian contract settled almost €69/MWh below Hungary, one of the widest spreads reported across the area.
Prices also fell across the interconnected western Balkans. Albania dropped €22.40 to €147.53/MWh, Montenegro fell €26.90 to €143.02/MWh, and North Macedonia decreased by €12.30 to €141.67/MWh.
Southern markets remain below Hungary despite gains
Bulgaria and Greece rose while remaining below Hungary’s level. Bulgaria increased €18.80 to €159.11/MWh and Greece advanced €18.90 to €142.30/MWh.
Romania was unchanged at €169.19/MWh, even as the regional pattern showed lower prices in several southern markets compared with Hungary.
Hungary, Slovenia and Austria trade at higher levels
Hungarian HUPX moved upward, gaining €9.70 to €177.76/MWh. Slovenia rose by €21.10 to €191.57/MWh, while Austria increased to €189.48/MWh.
The premium in Hungary relative to nearby markets was reported at €18.65/MWh versus Bulgaria, €35.46/MWh versus Greece and €34.73/MWh versus Montenegro.
Cross-border flows rise into the Hungary–Slovenia area
Germany’s day-ahead price fell by €39.40 to €142.89/MWh, reversing the previous Hungarian discount and leaving Hungary at a reported premium of €34.87/MWh versus Germany. The HU-DE spread swing exceeded €49/MWh within a single session.
Imports from Austria and Slovakia into the Hungary-Slovenia area increased by 719 MW to an average 1,302 MW. Combined net imports across Hungary and Southeast Europe rose by 833 MW to 939 MW.
Demand forecast and renewable generation mix
Regional electricity demand was forecast at 29,745 MW, up 844 MW day on day. Hungary accounted for 4,749 MW, Greece for 5,687 MW, Romania and Bulgaria together for 9,097 MW, and Slovenia and Croatia for 8,922 MW.
Renewable output showed a mixed profile: forecast solar generation rose by 1,815 MW to 7,730 MW, while wind output fell by 826 MW to 2,115 MW.
Italy highest; forward curve shows persistent Hungarian tightness
Italy remained the most expensive market at €222.81/MWh despite a daily decline of €4.90. It traded at a reported premium of €45.05/MWh versus Hungary and more than €113/MWh versus Serbia.
Hungarian forward prices indicated continued tightness: week-39 eased to €179.50/MWh but week 40 rose to €185.50/MWh; October was quoted at €195/MWh and the calendar-2026 contract at €149.50/MWh.
Grid constraints reflected in Serbia’s drop alongside higher Hungarian imports
The September 17 market pattern was not limited to surplus versus deficit countries. Serbia’s price collapse occurred alongside rising Hungarian imports into the Hungary-Slovenia area.
The reported outcome was that low-cost electricity available within parts of the Balkans could not move freely into the higher-priced Hungarian and Slovenian zones where demand for external supply increased.
