Southeast Europe started 12 August 2026 with lower day-ahead electricity prices across several EU markets, alongside exceptionally wide 15-minute price ranges. Strong solar generation drove prices down during the middle of the day. During the evening ramp, nuclear, hydropower and cross-border constraints were associated with scarcity premiums.
Day-ahead price outcomes on HUPX, IBEX and HEnEx
On Hungary’s HUPX, the market cleared at an average of approximately €123.20/MWh. The lowest fifteen-minute price reached €36.50/MWh, before rising to €264.90/MWh. This produced a daily spread of more than €228/MWh.
Bulgaria’s IBEX recorded an average of around €104/MWh. Prices ranged from €11/MWh to approximately €198.90/MWh. Greece averaged roughly €116.50/MWh, while HEnEx prices moved between €25/MWh and €174.20/MWh.
OPCOM curve shows near-zero hours followed by sharp spike
Romania posted the most extreme price curve in the region. On OPCOM, there was a prolonged period of zero or near-zero prices from around 12:30 until after 15:30. This occurred despite limited nuclear and hydropower availability.
After that low-price window, prices increased to €310/MWh at 20:45–21:00. The move pushed the daily spread above €300/MWh.
Comparison with 11 August delivery results across regional markets
The 12 August outcomes differed from delivery on 11 August, when Hungary, Romania, Serbia, Croatia, Slovenia and Albania largely converged around €150/MWh. Serbia cleared at €149.94/MWh, Hungary at €151.44/MWh, and Romania at €149.54/MWh. Montenegro cleared at €155.59/MWh.
The lower averages seen on 12 August were linked to deeper photovoltaic price effects during midday hours rather than a change in overall supply conditions. Firm electricity remained expensive as the daily baseload increasingly combined several hours of almost valueless solar generation with a concentrated period of thermal and flexibility scarcity during the evening peak.
