Electricity.Trade’s May 2026 trading review reports that Bulgaria’s average spot price reached €101.07/MWh, up 11.08% from April and 18.40% versus May 2025. The review notes that prices moved above those in Serbia and Greece. Bulgaria maintained its role as a supplier to neighbouring markets despite the higher price level.
May 2026 cross-border flows and regional role
Bulgaria recorded 258.65 GWh of net electricity exports in May. Power deliveries went to Romania and Serbia, while imports were received from North Macedonia, Türkiye, and Greece. The trading pattern described in the review indicates that Bulgaria acted as a balancing hub within the region.
The country’s position is described as a connection point between the Greek and Turkish markets and the northern Balkan systems of Romania and Serbia. Electricity flows are presented as reflecting both absorption of lower-cost electricity from neighbouring systems and supply to markets with tighter domestic conditions.
Generation mix changes supporting exports
The review links Bulgaria’s market performance to its generation structure. Electricity production in May comprised 32.59% nuclear, 29.35% renewables, 17.58% hydropower, 15.51% coal and lignite, and 4.97% natural gas. Renewable output increased by 34.19% compared with April, the strongest monthly growth among the analysed Southeast European markets.
The same period saw hydropower output rise by 7.30%. Coal and lignite generation declined by 17.81%, while gas-fired production fell by 28.10%. The review states that exports were supported despite lower thermal generation, with reliance on nuclear, renewable and hydro resources.
IBEX liquidity and traded volumes
Liquidity on the IBEX exchange continued to increase in May 2026, according to the review. Monthly traded volume reached 2,675.87 GWh, up 3.51% month on month and 15.99% year on year. The higher level of exchange activity is presented alongside stronger export performance.
The review describes growing liquidity as improving market transparency and providing traders with better tools for managing Balkan electricity exposures. It also characterises Bulgaria as both a physical electricity flow market and a regional price reference point within Southeast Europe.
Diversified system profile in May 2026
The review characterises Bulgaria’s May 2026 performance as reflecting a diversified electricity system. It attributes a stable foundation to nuclear generation, while renewables are described as delivering increasing volumes of low-marginal-cost electricity. Hydropower is cited as contributing to flexibility in the system.
Lesser reliance on natural gas is described as reducing exposure to fuel price volatility in the generation mix. Electricity.Trade’s analysis positions Bulgaria as one of Southeast Europe’s most strategically important power markets, citing strong interconnections, a balanced generation portfolio and sufficient market liquidity.
