In Southeast Europe, Croatia and Slovenia reported prices of EUR 127.83/MWh and EUR 126.91/MWh, respectively, while Romania’s OPCOM cleared at EUR 119.05/MWh. Serbia’s SEEPEX recorded prices of EUR 115.21/MWh, indicating a synchronized response across the regional markets. Bulgaria’s IBEX settled at EUR 111.99/MWh, and Greece’s HENEX remained lower at EUR 95.30/MWh. Montenegro and Albania saw more moderate price levels with BELEN and ALPEX clearing at EUR 99.54/MWh and EUR 98.25/MWh, respectively, while North Macedonia’s MEMO stood out as the only market to decline to EUR 84.23/MWh.
The primary driver behind this price rally was a notable drop in renewable energy output, particularly from wind and solar sources. The reduced generation from these technologies led to increased reliance on conventional power plants, consequently raising marginal production costs across the region. Total electricity demand in Southeast Europe and Hungary reached 29,389 MW, with total generation at 29,216 MW, indicating a relatively tight balance within the system.
Hydropower continued to dominate the generation mix, contributing 27% of total output, followed by nuclear energy at 20%. Coal accounted for 15%, solar for 14%, gas for 12%, and wind for 7%, with imports making up approximately 5% of supply. Cross-border electricity flows remained crucial for system stability, with net imports into the SEE and Hungary totaling 255 MW, reflecting tighter availability from neighboring markets.
Market participants noted robust trading activity along key corridors connecting Hungary, Romania, Serbia, and Bulgaria, reinforcing Southeast Europe’s integration with the broader European electricity market. Additionally, firm fuel and carbon markets supported power prices; Austrian CEGH gas traded at EUR 48.02/MWh while EU carbon allowances were priced at EUR 73.72 per tonne.
Intraday trading revealed significant volatility in Hungary, where HUPX prices fluctuated between EUR 86.9/MWh and peaks of EUR 244.9/MWh due to variations in renewable output and spikes in evening demand. This volatility highlights the increasing necessity for flexible generation solutions, energy storage capabilities, and enhanced cross-border interconnections to stabilize regional markets.
Looking ahead, weather forecasts suggest rising temperatures across Southeast Europe may improve solar output in the coming days; however, traders remain cautious due to ongoing fluctuations in renewable generation patterns. Market expectations indicate continued volatility in the near term with prices closely following Central European trends.
Key bullish drivers include reduced wind generation, elevated gas and carbon costs, tight regional supply conditions, and strong cross-border demand. Conversely, bearish factors include increasing solar production, seasonal moderation in demand patterns, improving weather conditions, and potential growth in hydropower output.
These developments further emphasize Southeast Europe’s deepening integration into the European power market landscape, with Hungary maintaining its role as a critical pricing benchmark for the region.
