On April 22, power prices across Southeast Europe experienced significant declines, primarily influenced by heightened hydroelectric output and a notable rise in cross-border imports. The regional electricity market faced oversupply conditions, leading to widespread price reductions in several countries.
In Hungary, day-ahead baseload prices on the HUPX market settled at €111.37/MWh, reflecting a decrease of €11.2/MWh from the previous trading session. Serbia’s SEEPEX reported a more pronounced drop to €88.65/MWh (-€25.1), while Croatia’s CROPEX fell to €96.48/MWh (-€13.2). Slovenia’s BSP recorded a clearance price of €92.91/MWh (-€15.4), and Albania’s ALPEX saw the steepest decline, settling at €75.06/MWh (-€39.3).
Romania’s OPCOM market held relatively steady at €116.18/MWh (-€1.3), contrasting with Greece’s HENEX, which diverged from the downward trend by increasing to €114.50/MWh (+€31.4), attributed to tighter local market conditions.
The overall bearish trend in prices was largely driven by a substantial increase in electricity generation across the SEE-Hungary system, which rose by 612 MW day on day. This surge was bolstered by a 530 MW increase in hydro generation, alongside gains in gas and coal output. However, solar energy production saw a decline of 676 MW, partially offsetting the total supply increase.
Cross-border electricity flows also intensified during this period, with net imports into the region climbing to 2,419 MW, an increase of 833 MW compared to the prior day. The core flow from Central Europe—particularly from Austria and Slovakia into Hungary—remained robust at 3,116 MW, further exerting downward pressure on regional prices.
The price differential between Hungary and Germany narrowed to €32.7/MWh, down by €7/MWh day on day, indicating improved market coupling with Central Europe and enhanced arbitrage opportunities within the region.
Despite rising temperatures contributing to a modest increase in demand—up to 31,016 MW (+333 MW)—the growth in consumption lagged behind supply expansion, resulting in a structurally long market position.
Intraday price dynamics revealed ongoing volatility, with several markets experiencing near-zero or negative pricing during off-peak hours. Conversely, peak evening prices in Hungary surged above €270/MWh, highlighting persistent challenges related to intra-day balancing amid variable renewable energy outputs and fluctuating cross-border flows.
The fuel markets maintained a neutral stance during this period; Austrian gas hub prices (CEGH) rose slightly to €43.52/MWh, while carbon prices stabilized around €75–76/t. These trends suggest that short-term fluctuations in power prices were primarily driven by supply-demand fundamentals rather than changes in input costs.
The Southeast European electricity market is currently navigating a transition into a spring oversupply phase characterized by increased hydro inflows, growing reliance on imports, and tighter integration with Central European pricing mechanisms.
