Electricity prices across much of Southeast Europe rose sharply on 13 August 2026, with stronger regional demand and pronounced evening scarcity outweighing higher renewable generation.
In the day-ahead market, the Hungarian baseload price increased by €18.80/MWh to €163.69/MWh. Romania followed at €163.54/MWh, leaving a spread of just €0.15/MWh.
Slovenia and Croatia also traded near those levels, reaching €165.65/MWh and €164.83/MWh, respectively. Serbia recorded the largest daily increase in the region, with the SEEPEX price rising by €43.60/MWh to €157.20/MWh.
Bulgaria advanced by €12.70/MWh to €138.29/MWh, while Germany and Austria reached €147.07/MWh and €161.55/MWh, respectively. Italy remained the most expensive market in the report, with its national price rising to €183.80/MWh, a premium of €20.11/MWh over Hungary.
Regional day-ahead moves diverge across northern and southern markets
Southern markets moved in the opposite direction from much of Central Europe. Greece recorded an €8.70/MWh decline to €95.81/MWh, widening its discount to Hungary to €67.89/MWh.
North Macedonia fell to €128.53/MWh and Albania moved down to €146.65/MWh, while Montenegro was broadly stable at €141.97/MWh.
Intraday range in Hungary points to higher evening price volatility
The Hungarian market showed a wide intraday range on the day, with HUPX falling to a daily low of €83.50/MWh at hour 14 when solar generation was strongest. Prices then climbed to a daily high of €338.90/MWh at hour 21.
The resulting €255.40/MWh daily spread highlighted hourly price risk in a market with rapidly growing renewable generation. Hungary’s peak-period average was €140.80/MWh, while the off-peak average reached €186.60/MWh.
The €338.90/MWh peak occurred simultaneously in Germany, Romania and Slovenia, indicating strong market coupling and tighter supply conditions after solar output declined.
Demand and renewable forecasts rise alongside higher prices
Forecast electricity consumption across Hungary and Southeast Europe increased by 563 MW to an average of 33,186 MW, despite cooler regional temperatures.
Romania and Bulgaria accounted for most of the increase, with their combined demand rising by 592 MW. Hungarian consumption declined by 40 MW to 4,461 MW, while Greek demand fell by 53 MW to 7,216 MW.
Renewable generation forecasts also improved, with regional solar output expected to rise by 1,302 MW to 8,558 MW. Wind generation increased by 77 MW to 4,888 MW.
The region’s reported net-import position stood at -229 MW, improving by 128 MW from the previous day. Imports from Austria and Slovakia rose by 62 MW to 1,018 MW but did not prevent the evening price spike.
Hungarian forward curve stays supported as spreads persist
Hungarian power forwards showed mixed movements at the front of the curve but strengthened across monthly and annual contracts. The Week 34 contract declined by €0.50/MWh to €160.50/MWh while Week 35 gained €0.50/MWh to the same level.
September 2026 increased by €2.50/MWh to €162.50/MWh, while the calendar contract rose by €2/MWh to €127/MWh.
The HU-DE spread remained elevated at €31/MWh for Week 34, €33.50/MWh for Week 35 and €27.50/MWh for September; the calendar spread was €21/MWh. Forward pricing continued to reflect expectations of tighter regional balances and greater reliance on imports.
Gas, carbon and coal prices add cost pressure
Austrian CEGH gas rose by €1.20/MWh to €61.90/MWh, increasing the variable cost of gas-fired generation. The EUA carbon price declined by €0.50 to €81.99/t.
