On 12 June 2026, Southeast European power markets shifted into a more fragmented pricing structure, with Central European prices rising while Western Balkans prices stayed discounted. Hungary, Romania, Bulgaria and Greece all cleared above €110/MWh. Serbia cleared at €74.33/MWh, the lowest price in the region and more than €37/MWh below HUPX.
Day-ahead spreads widen between Central Europe and the Western Balkans
The day-ahead market showed a widening east-west divergence linked to stronger renewable output in the Balkans and higher imports from Central Europe into the regional system. Hungary’s HUPX reached €111.89/MWh, Romania’s OPCOM settled at €111.30/MWh, Bulgaria traded at €110.88/MWh, and Greece led at €116.43/MWh. Serbia’s SEEPEX remained the regional outlier at €74.33/MWh.
Albania and Montenegro cleared at €84.07/MWh and €89.44/MWh, respectively. The spread pattern was also reflected in cross-border trading signals for market participants. A Hungary-Germany spread of €14.43/MWh returned on the day after being negative previously.
This shift increased the attractiveness of imports from Austria and Slovakia into Hungary and the wider SEE market. Cross-border inflows from the CORE region rose to 1,182 MW.
Demand, generation mix, and regional balance on 12 June
Regional consumption eased slightly to 29.3 GW, while total generation slipped to 29.4 GW. Solar output fell by 769 MW day-on-day to 6.27 GW. Wind generation increased by 442 MW to 1.56 GW.
Hydro remained the dominant generation source at 6.67 GW, representing approximately 24% of the generation mix. Coal contributed 5.2 GW, gas supplied 4.3 GW, and nuclear accounted for 4.1 GW. Net imports for the combined SEE-Hungary region were only 65 MW, indicating near self-sufficiency.
Despite that near-balance, internal regional flows remained active, with Hungary importing heavily from Austria and Slovakia while Greece continued to attract power from northern neighbors. This pattern aligned with the day-ahead price differences across the region.
Greece premium and forward market pricing for June weeks
A key trading feature was Greece’s persistent premium in day-ahead trading levels. At €116.43/MWh, HENEX traded nearly €42/MWh above Serbia and over €5/MWh above Hungary. The premium was associated with Greece’s structural reliance on gas-fired generation during evening peaks.
The same premium also reflected Greece’s growing role as a regional gas hub, according to the report’s description of market drivers. Forward markets showed mixed signals for baseload pricing into late June, with Hungarian Week-25 baseload strengthening to €109/MWh. Hungarian Week-26 rose to €123/MWh.
German Week-25 power advanced to €114.50/MWh, indicating pricing of tighter conditions into the second half of June despite improving renewable availability. Gas prices remained stable, with CEGH Austrian gas at €50.76/MWh. EUA carbon allowances eased slightly to approximately €77/tCO₂.
Batteries, grid upgrades, and corporate developments affecting medium-term outlooks
The report highlighted multiple structural developments relevant for medium-term market pricing across the region. Hungary commissioned its largest battery project to date: a 99.8 MW / 288.6 MWh storage facility developed by Greenvolt near Buj. Budapest also unveiled a €1.5 billion grid-modernization package intended to unlock approximately 4.8 GW of additional renewable capacity.
