The power trading landscape in Romania, Hungary, and Serbia is undergoing significant transformation, with a clear trend emerging: the most successful entities are those with robust generation, supply, and balancing portfolios rather than those relying solely on aggressive trading strategies. As regional prices begin to converge, the focus has shifted from simple arbitrage opportunities to more complex strategies involving short-term optimization and effective congestion management.
In Romania, Hidroelectrica continues to dominate the market, reporting a net profit of RON 3.303 billion for 2025, despite facing challenges from weaker hydrology. The company remains the largest player in terms of electricity production, generating 12,215 GWh. Complementing this is Electrica, which has established itself as a major supply-driven trader with a net profit of RON 1.219 billion and a retail market share of 14.73%, supplying 7.3 TWh. Additionally, OMV Petrom‘s gas-fired plant in Brazi contributed 4.7 TWh to its broader optimization model.
The depth of Romania’s market architecture is noteworthy. In 2025, OPCOM reported 15.7 TWh traded on its day-ahead market at an average price of €108.16/MWh. Beyond the day-ahead market, substantial volumes were also recorded through various mechanisms, including 13.88 TWh on bilateral flex contracts and 6.58 TWh on PC-OTC trades. This diverse contracting ecosystem positions Romania as the most liquid and commercially complex market among its regional peers.
Hungary’s power market is characterized by the dominance of the state-backed MVM Group, which reported an EBITDA of HUF 478 billion in H1 2025. MVM’s wholesale division sold 19,331 GWh, while its retail segment contributed an additional 12,040 GWh. This concentration highlights MVM’s ability to control procurement and customer relations effectively, establishing it as the central player in Hungary’s electricity sector.
The exchange liquidity in Hungary reflects this concentration. In March 2025, the HUPX Spot market traded a total of 3,673,686 MWh, including significant volumes across day-ahead and intraday markets. Despite this depth, MVM’s extensive portfolio continues to overshadow smaller players like ALTEO, underscoring the competitive landscape where scale is paramount.
The Serbian market presents a different scenario where the exchange has gained relevance but remains heavily influenced by the state utility EPS. EPS reported revenues of RSD 442.6 billion in 2024, with a net profit of RSD 24.4 billion. The company serves as both a generator and a central commercial platform for electricity in Serbia. Its sales figures indicate a strong presence across various customer segments, including households and industrial clients.
EFT Group, while not dominating the domestic supply like EPS, operates across 14 European power exchanges and delivers approximately 18 TWh annually to customers. This positions EFT as a notable independent trader within the region, navigating between domestic utility structures and broader cross-border trading opportunities.
The liquidity at Serbia’s exchange, SEEPEX, has improved but remains smaller compared to its Romanian and Hungarian counterparts. In December 2025, SEEPEX reported trading volumes of 495,637.7 MWh, with an average monthly volume of approximately 486,568 MWh. This represents about 20% of national electricity consumption in 2024, indicating its growing importance despite ongoing transparency challenges.
A key theme across these markets is price convergence; average day-ahead prices in 2025 were closely aligned at approximately €108/MWh across Romania (€108.17), Hungary (€108.51), and Serbia (€108.10). This narrowing spread suggests that traditional arbitrage strategies based on price differentials are becoming less viable as commercial advantages shift towards managing hourly shapes and balancing needs against fluctuating renewable energy outputs.
The overall assessment reveals that Romania leads in terms of market completeness due to its diverse liquidity sources and active participant engagement. Hungary’s market is more centralized around MVM’s operations while Serbia offers unique opportunities for niche traders amid its evolving framework. The distinct characteristics of each market highlight varying degrees of transparency and operational relevance that stakeholders must navigate in this dynamic regional context.
