Southeast European electricity markets increased sharply for delivery on 27 May 2026, with the regional pricing curve indicating tighter conditions during evening balancing. The session also reflected stronger thermal dispatch and higher reliance on cross-border supply across interconnected systems.
Day-ahead price levels across SEE exchanges
The highest day-ahead prices were recorded again in the eastern Balkans and Serbia-linked trading zones. SEEPEX Serbia closed at EUR 117.11/MWh, while ALPEX Albania reached EUR 116.82/MWh and Hungary’s HUPX settled at EUR 114.74/MWh. Romania’s OPCOM traded at EUR 110.11/MWh, and Bulgaria’s IBEX rose to EUR 106.63/MWh.
The price rise occurred while regional temperatures stayed relatively moderate at around 23–24°C. That pattern pointed to drivers tied more to balancing requirements, cross-border flows, and evening scarcity pricing than to weather stress.
Hungary-Germany spread widens as imports rise
A key signal came from the widening Hungary-Germany spread, which expanded to EUR 30.7/MWh. The spread was up by EUR 16/MWh versus the previous day.
The move coincided with higher core imports into the SEE region. Flows from Austria and Slovakia into Hungary and Southeast Europe climbed to 2,540 MW, increasing by more than 1,250 MW compared with the prior session.
Evening scarcity shows up across hourly curves
The regional system behaved like a premium import market during evening hours. Hourly curves across HUPX, SEEPEX, OPCOM, IBEX, and HENEX showed synchronized evening peaks approaching or exceeding EUR 230–257/MWh, particularly during hour 21.
Solar suppression at midday remained visible, but it was less pronounced than during negative-price episodes earlier in May. Intraday pricing also appeared more resilient than the deep solar-driven collapses seen over previous weekends.
Minimum prices stay positive in Serbia and low in Hungary
[Serbia minimum]: Serbia’s market minimum price remained positive at EUR 26.4/MWh, while Hungary bottomed at EUR 3.6/MWh.
Generation output shifts alongside higher net imports
Total regional generation increased to 27,014 MW, while net imports rose sharply to 1,591 MW. Gas-fired generation increased by 458 MW day-on-day, and coal generation rose by 290 MW day-on-day. Wind output improved to 3,120 MW.
Hydro stayed stable at around 6,476 MW. Solar generation eased slightly from prior sessions to around 6,205 MW.
Thermal flexibility remains central in the generation stack
The generation mix showed hydro at roughly 24%, solar at 23%, coal at 14%, gas at 13%, wind at 12%, and nuclear at 12%. Imports contributed only about 2% of total balance but were described as important during evening ramp periods.
Bulgaria exports toward Serbia; Romania-Hungary flows exceed 340 MW
Bilateral interconnector flows highlighted commercial patterns across the region. Bulgaria continued exporting heavily toward Serbia, averaging approximately 216 MW base flow, while Romania-to-Hungary flows exceeded 340 MW.
The report also described Hungary as structurally short, importing heavily from Slovakia and Austria while exporting toward Serbia and Croatia during peak periods.
Batteries expand in Bulgaria; forwards firm and carbon rises near EUR 78/t
Bulgaria’s battery storage build-out was cited as changing regional balancing behavior. Bulgaria operates roughly 3,300 MW of battery storage capacity, with more than 8.6 GWh of energy capability.
The forward curve strengthened as well, with Hungarian week-ahead contracts rising toward EUR 108/MWh. German and Italian forward curves moved higher too, while EUA carbon prices climbed to approximately EUR 78/t.
CBAM-linked industrial demand emphasizes hourly matching and procurement traceability
The session was also linked to an industrial framework associated with CBAM, where exporters and energy-intensive manufacturers are prioritizing not only renewable sourcing but also hourly matching capability, volatility management, and traceable low-carbon electricity procurement strategies.
