Electricity prices in Serbia and Montenegro rose sharply for Tuesday delivery, while declines were recorded in Hungary and Romania. The change coincided with a higher net import requirement for southeastern Europe despite stronger solar output. The regional benchmark moves reflected different pricing conditions across neighbouring markets.
Serbia and Montenegro day-ahead prices
Serbia’s SEEPEX day-ahead price increased by €26.8/MWh to €196.49/MWh. Montenegro’s BELEN rose by €22.1/MWh to €232.03/MWh. The widening gap lifted Montenegro’s premium over Serbia to €35.54/MWh.
In the wider region, Hungary’s HUPX fell by €7.9/MWh to €224.81/MWh. Romania’s OPCOM declined by €5.7/MWh to €222.73/MWh. Serbia remained €28.32/MWh below Hungary, while Montenegro traded €7.22/MWh above it.
Germany drives the shift in regional spreads
The largest change in the benchmark relationship came from Germany, where the day-ahead price rose by €45.1/MWh to €201.70/MWh . As a result, Hungary’s premium over Germany narrowed by about €53/MWh to €23.11/MWh. The narrowing was tied to Germany’s increase rather than a broad fall in southeastern European prices.
Across southern markets, prices moved in different directions during the same delivery period . Albania dropped by €37.6/MWh to €239.50/MWh but stayed the most expensive market in the reported SEE group. North Macedonia climbed by €36.9/MWh to €182.32/MWh, while Greece gained €17.9/MWh to €167.42/MWh and retained the lowest daily average.
Southern Europe price levels and cross-border spread
The spread between Albania and Greece was €72.08/MWh . Differences between daily averages can create incentives for cross-border trading, though they do not indicate whether transmission capacity was available or whether trades captured the full margin . Bulgaria increased by €3.6/MWh to €207.38/MWh.
Slovenia and Croatia posted smaller gains, reaching €220.09/MWh and €221.06/MWh respectively . Italy rose by €23.2/MWh to €233.27/MWh, leaving Montenegro just €1.24/MWh below the Italian benchmark .
Import needs, renewables output and corridor flows
The regional supply balance showed little change in demand but greater dependence on imports . Forecast consumption across the Hungary and SEE aggregate edged up 33 MW to 29,143 MW, while net imports increased by about 309 MW to 2,049 MW, equivalent to roughly 7% of demand .
Forecast solar generation rose by 857 MW to 6,719 MW, while wind output fell by 587 MW to 1,288 MW . The combined renewable increase of roughly 270 MW coincided with a higher import requirement, indicating that stronger solar production did not remove the need for additional external supply . Average net inflows through the Austria and Slovakia corridor eased 20 MW to 1,455 MW.
Country balances showed Romania importing 1,514 MW, Croatia 1,091 MW and Serbia 773 MW . Bulgaria exported 1,498 MW and Greece exported 655 MW . These figures describe power flows rather than exchange trading volumes.
Forward curves, gas and carbon costs
Forward pricing indicated a persistent Hungarian premium despite a narrower spot spread . Hungarian week-42 power eased by €2/MWh to €201/MWh, but its premium over Germany widened by €11/MWh to €56.50/MWh . The November Hungarian contract increased by €1/MWh to €209/MWh, with the corresponding German spread widening to €40/MWh.
Austrian CEGH gas was quoted at €75.51/MWh and the Greek quotation at €67.50/MWh . Carbon allowances stood at €83.87/t . For buyers in Serbia and Montenegro, procurement costs rose despite stable regional demand and improving solar output as Hungary’s falling benchmark offered limited relief through higher local prices and increased imports .
