On 30 April 2026, the Southeast European (SEE) power trading landscape experienced notable price corrections across various hubs, following a period of elevated pricing. The Hungarian Power Exchange (HUPX) recorded a settlement price of €89.82/MWh, reflecting a decrease of €22.8/MWh compared to the previous day. Similarly, SEEPEX in Serbia saw a drop to €91.79/MWh, down by €15.3/MWh. Other markets followed suit, with Romania’s OPCOM at €90.87/MWh, Bulgaria at €85.92/MWh, Greece at €86.43/MWh, Croatia at €82.56/MWh, Slovenia at €81.87/MWh, and Montenegro at €82.64/MWh. In contrast, Albania’s market stood out with an increase to €96.33/MWh, while North Macedonia also saw a rise to €85.87/MWh.
The trading dynamics highlighted a classic scenario of solar-midday compression juxtaposed with evening scarcity spreads. Hourly price curves across several markets indicated weak or negative prices during midday hours but robust peaks in the evening around the hours of H20–H21. Hungary’s seven-day outlook showed a base price of €89.8/MWh for 30 April, with minimum prices plummeting to -€28.2/MWh and maximums soaring to €248.5/MWh. In Serbia, the SEEPEX base price was noted at €91.8/MWh, with off-peak pricing reaching €107.8/MWh and maximum prices hitting €165/MWh.
Demand fundamentals in the region did not indicate bearish trends; regional consumption increased to 30,297 MW, marking an uptick of 1,115 MW from the prior day. Conversely, total generation decreased by 715 MW to 27,408 MW. Imports remained critical to the supply structure at 1,583 MW, although this figure was down by 190 MW from the previous day. The generation mix was predominantly hydro-based at 6,638 MW, followed by nuclear at 5,428 MW and coal at 5,190 MW. Notably, solar generation fell by 821 MW day on day to 4,868 MW while gas output rose by 252 MW to 3,224 MW.
Cross-border electricity flows indicated that the region continued as a net importer with an average net import balance of -1,583 MW. Specific figures included Hungary at -518 MW, Serbia at -553 MW, Bulgaria at -314 MW, Romania at -393 MW, and Croatia at -213 MW; Greece was the only net exporter at +130 MW. This reliance on imports played a crucial role in supporting evening prices despite overall weaker daily averages.
In terms of forward market activity, there was an upward trend despite declining spot prices. Hungarian power forwards reflected this strength with Week 19 priced at €102/MWh and Week 20 at €96/MWh; May-26 contracts were set at €96.5/MWh and Cal-26 futures reached €113/MWh. Gas prices also strengthened with CEGH reported at €47.03/MWh and Greek gas around €47/MWh. Coal forwards showed increases as well with May-26 API2 priced at $110.5/t and Q3-26 contracts at $119.5/t.
The current market signals emphasize not just daily averages but also the widening shape value between midday and evening pricing dynamics—midday prices remain susceptible to solar-induced declines while evening hours continue to command a scarcity premium. As such, assets like batteries, pumped hydro storage, flexible gas plants, hydro dispatch capabilities, and intraday optimization are gaining importance in managing these fluctuations effectively.
