Electricity.Trade’s May 2026 market review points to higher activity on the HUPX day-ahead market. The average day-ahead price increased to €106.51/MWh, up 10.31% from April and 31.67% higher than in May 2025. Exchange volumes rose to 2,591.57 GWh, a 6.35% month-on-month increase and a 4.15% year-on-year increase.
Import dependence and cross-border flow pattern
Hungary relied heavily on imported electricity during the month. Net imports totaled 1,076.31 GWh, increasing by 38.70 GWh versus April. Imports came from Austria, Croatia, Romania, Serbia and Slovakia, while exports were directed solely to Ukraine.
This flow pattern reflects Hungary’s role as both a domestic balancing market and a transit corridor for electricity moving between multiple price zones. The review links the corridor function to cross-border transmission capacity and regional supply chains spanning different generation portfolios.
Generation mix and demand changes in May
The May generation mix supported Hungary’s market position across several supply sources. Electricity supply comprised 29.97% net imports, 29.65% renewables, and 28.92% nuclear generation. Coal and lignite accounted for 2.54%, while hydropower represented 0.19%, alongside smaller energy sources.
Renewable generation increased by 9.56%, while electricity demand declined by 7.51%. The figures indicate that wholesale price levels were associated with regional market conditions and import costs alongside domestic consumption dynamics.
Regional trading influence through Central Europe and the Balkans
Hungary’s geography underpins its influence on regional electricity trading and price formation. The country connects core Central European markets with Romania, Serbia, Croatia and Ukraine, supporting cross-border electricity flows across multiple directions.
HUPX is described as a benchmark used for spread trading, congestion analysis and forward hedging strategies across Southeast Europe. Price movements are reported to reflect both Central European supply conditions and Balkan import demand.
Liquidity growth and interconnection requirements
The review characterizes May 2026 as highlighting Hungary’s growing importance as a regional flexibility and liquidity hub. It links this role to stable nuclear generation, expanding renewable capacity, and substantial electricity imports that require balancing resources.
The analysis also points to the need for efficient balancing resources, storage capacity, strong interconnections, and responsive trading strategies in a system with significant cross-border flows . Continued growth in HUPX trading volumes is cited alongside Hungary’s central role in regional electricity flows .
