Day-ahead electricity prices in Southeast Europe fell for Wednesday delivery as wind and solar output improved, domestic generation increased, and import requirements eased after Tuesday’s scarcity premium. The shift reduced the gap versus western European benchmarks reported for the prior day.
The largest correction was recorded in Serbia. SEEPEX baseload dropped by €105.7/MWh to €211.42/MWh, placing Serbia as the cheapest market in the region and aligning it closely with Germany at €211.94/MWh. Hungary’s HUPX fell by €74.1/MWh to €252.42/MWh, while Romania declined to €246.11/MWh and Bulgaria to €245.14/MWh.
Demand rises while net imports fall on renewable recovery
Regional consumption for the session was forecast at 31,756 MW, up 527 MW day on day. Despite higher demand, total net imports were expected to decline by 152 MW to 3,479 MW. The change was linked partly to renewed renewable availability, with solar generation forecast to rise by 388 MW to 5,552 MW and wind output expected to increase by 510 MW to 1,772 MW.
The updated supply picture coincided with lower spot prices even as demand increased. The pricing pattern pointed to marginal generation availability playing a key role across SEE rather than consumption levels alone.
Serbia’s balance cuts import needs and compresses spreads
Serbia showed the clearest example of the reversal from Tuesday’s tight conditions. The Serbian balance indicated consumption rising to 3,956 MW from 3,841 MW, while generation increased more sharply to 3,403 MW from 2,862 MW. As a result, the average net import requirement fell to around 553 MW, compared with 979 MW a day earlier.
The reduction in Serbia’s import requirement was about 426 MW in the same comparison window. SEEPEX moved from a Tuesday level of €317.1/MWh to a Wednesday price that was €41/MWh below Hungary.
The hourly profile reflected the same direction of change. Serbia’s maximum price fell from €450/MWh to €317.6/MWh, while its minimum dropped to €130/MWh around H14. HUPX also showed a solar-driven midday trough, ranging between €152.4/MWh and €333.1/MWh.
Germany and Serbia converged closely on Wednesday delivery. Germany rose by €16.3/MWh to €211.94/MWh while Hungary fell sharply, compressing the HU-DE spread to €40.49/MWh from about €131/MWh on Tuesday.
OPCOM, IBEX and CROPEX track lower; Albania diverges
Other interconnected markets joined the correction after Tuesday’s tightness. Romanian OPCOM fell by €61.1/MWh to €246.11/MWh and Bulgarian IBEX declined by €54.8/MWh to €245.14/MWh. Croatian CROPEX dropped by €32.7/MWh to €238.59/MWh, Slovenia fell to €235.76/MWh, and Montenegro’s BELEN declined by €40.5/MWh to €254.27/MWh.
Italy settled at €252.40/MWh, virtually matching Hungary and removing any baseload-level Hungary-Italy differential for the session.
The broader corridor narrowed compared with Tuesday, with Slovenia, Croatia, Greece, Bulgaria, Romania, Hungary and Italy largely clustered between roughly €236 and €254/MWh for baseload trading. North Macedonia remained higher at €267.45/MWh.
Albania moved in the opposite direction, rising by €30.6/MWh to €285.56/MWh, the highest baseload price among the covered markets. Albania’s physical balance showed consumption increasing to 876 MW from 839 MW while generation fell to 511 MW from 545 MW; its average import requirement rose to around 366 MW from 294 MW.
This left ALPEX trading roughly €33/MWh above Hungary and about €74/MWh above Serbia for Wednesday delivery.
Greece changes hourly range; forward prices stay elevated
Greece also displayed a shift in hourly structure even as its baseload moved less than some other markets. HENEX baseload slipped by €7.3/MWh to €240.56/MWh, while its minimum hourly price increased to €156.6/MWh from €32.9/MWh on Tuesday and zero prices during several previous sessions.
The Greek maximum fell from €396.1/MWh to €312/MWh. The narrower hourly range indicated fewer very low midday hours alongside a softer scarcity premium during the most expensive periods.
The spot correction did not translate into an equivalent fall in forward prices for Hungary’s market area shown in the data provided for Week 44 and Week 45 trading periods and calendar products.
Hungarian Week 44 remained at €267/MWh, down €3 from the prior reference point, while Week 45 increased by €7 to €259/MWh. November eased by €6 to €244/MWh and Calendar-2026 declined by €4 to €166/MWh.
Fuel markets offered bearish support alongside mixed carbon pricing signals in the same dataset window: November gas fell by €3.5 to €86.50/MWh, Q1-2027 gas slipped to €85.50/MWh, and November coal decreased by €4 to €150.5/tonne. EUA carbon allowances edged up by €0.3 to €85.65/tonne.
The forward curve therefore continued pricing a relatively tight late-autumn market despite lower spot levels for Wednesday delivery in SEE day-ahead contracts referenced in this report.
