Day-ahead electricity prices across Southeast Europe eased for delivery on 25 June, but the change was described as a technical correction rather than a structural shift in market conditions. The regional market remained segmented between a higher-priced Hungary–Romania corridor, a lower-priced Greece–Bulgaria–North Macedonia cluster, and import-dependent Western Balkan markets where cross-border flows influenced marginal pricing.
Hungary and Romania set the northern price boundary
Hungary again marked the upper end of the regional price range. Baseload on HUPX settled at €175.72/MWh, down €25.00/MWh day on day. Romania’s OPCOM followed at €171.62/MWh, a decline of €29.30/MWh.
Even with the day-on-day pullback, both markets remained northern price anchors in SEE. Hungary continued to trade at a premium versus neighbours, including a €42+ spread versus Germany and Austria, with wider differentials against Greece, Bulgaria and Serbia. The premium was linked to congestion, evening scarcity and structural import dependence.
Broad declines across Central and parts of Southeast Europe
A broad correction was also recorded across Central Europe and parts of Southeast Europe. Germany fell sharply to €133.54/MWh, while Austria declined to €132.95/MWh. Slovenia, Croatia and Serbia moved lower, with CROPEX at €147.89/MWh and SEEPEX at €128.34/MWh.
Bulgaria and Greece weakened to around €121/MWh, while North Macedonia remained the lowest-priced market at €117.96/MWh. Albania and Montenegro moved in the opposite direction, with prices rising to €140.46/MWh and €137.27/MWh, respectively.
Intraday swings point to tightness after sunset
Softer baseload values did not remove intraday volatility. The hourly pattern showed persistent midday solar pressure followed by expensive evening replacement demand. Hungary reached a peak of €506.70/MWh (H20) after falling to a low of €38.10/MWh (H14).
Romania showed a similar range, moving between €472.00/MWh and €38.30/MWh. The intraday spreads were described as deeper even as average levels eased for the day-ahead delivery period.
Demand, temperatures and renewable output
Regional fundamentals offered only partial relief alongside the price moves. Consumption was around 32.5 GW, while temperatures increased further to 26.7°C. The system remained a modest net importer despite improved renewable output.
The increase in renewables included solar generation rising to 7.8 GW and wind reaching 2.16 GW. These levels helped compress daytime prices but did not remove evening scarcity conditions. The pattern described was oversupply during solar hours followed by tightness after sunset.
Cross-border flows shape marginal pricing outcomes
Cross-border flows continued to define market structure across the region. Greece and Bulgaria were identified as dominant exporters, while Croatia, Serbia, Romania and Hungary absorbed regional deficits for delivery on 25 June.
Total exports were reported at over 1.2 GW from Greece and over 1 GW from Bulgaria, reinforcing their role as southern supply hubs. On the import side, Croatia remained the most constrained market at over 1.1 GW, followed by Serbia, Romania and Hungary.
Bulgaria’s transit role and import dependence elsewhere
Bulgaria acted as a key balancing market, exporting over 1 GW net. It sent significant flows into Romania and Serbia while also receiving power from Greece, positioning it as a transit hub between southern renewable surplus and northern demand centres.
