Regional electricity markets in Southeast Europe moved higher on Tuesday, with day-ahead prices increasing across nearly all trading hubs and returning above the €100/MWh threshold. The move was linked to stronger weekday demand, higher thermal generation and renewed import requirements. Regional benchmarks rose as consumption and generation both expanded.
Day-ahead pricing across SEE trading hubs
Hungary’s HUPX market led the region, settling at €127.73/MWh, up €11.5/MWh day-on-day. Romania’s OPCOM increased to €124.02/MWh, while Croatia’s CROPEX rose to €121.76/MWh. Slovenia’s BSP closed at €121.10/MWh, and Serbia’s SEEPEX jumped €30/MWh to €118.15/MWh.
Bulgaria’s IBEX reached €117.40/MWh, and Greece’s HENEX ended at €114.46/MWh. Albania remained the lowest-priced market at €78.86/MWh, despite a substantial daily increase. The price moves reflected broad-based gains across the complex.
Demand, generation mix and system output
Regional electricity consumption increased to 29.2 GW, up more than 1.1 GW from Monday levels, indicating a return of industrial and commercial demand after the weekend period. Total generation rose by approximately 5.6 GW to 28.6 GW. Output gains were reported across nearly every major generation technology.
Solar output recovered to 6.6 GW, while hydro generation increased to 6.5 GW. Gas-fired production rose above 4 GW, and wind generation more than doubled versus the previous day. Nuclear generation stayed stable at around 4.1 GW.
Cross-border flows and congestion indicators
Market participants cited a continuing premium for Southeast European markets versus Western Europe, pointing to transmission constraints and cross-border import requirements as key drivers of regional fundamentals. The Hungarian-German day-ahead spread widened to almost €31/MWh, reflecting congestion and scarcity in Central Europe.
Cross-border flows supported that picture, with net imports into the wider SEE region increasing to around 767 MW. Imports through core Central European corridors exceeded 1.8 GW. Strong inflows from Austria and Slovakia supported Hungarian and regional balances, while Italy remained an export destination tied to its premium pricing environment.
Forward curve increases and fuel cost signals
Forward markets also moved higher amid expectations of tighter summer fundamentals. Hungarian week-ahead contracts traded around €114.5/MWh, while July products climbed to €122.5/MWh. Prompt contract increases were associated with stronger cooling demand, higher evening ramp requirements and continued reliance on thermal generation during periods of weaker renewable output.
Austrian CEGH gas contracts strengthened above €51/MWh, while EU carbon allowances remained close to €77/t. Coal futures edged higher, adding further support for the price floor across thermal generation assets.
Serbia policy updates and regional investment announcements
The latest Serbian market session took place alongside ongoing structural changes in the domestic power sector. Authorities approved the environmental assessment framework for the planned Bistrica pumped-storage hydropower project, described as a flexibility asset expected to become more important as renewable penetration increases.
Industry data also showed that more than 60 renewable energy facilities exited Serbia’s historic feed-in tariff scheme since 2022, increasing exposure of generators to wholesale market dynamics.
Evolving projects across Greece, Bulgaria, Romania and Slovenia
The European Bank for Reconstruction and Development approved a €175 million financing package supporting approximately 400 MW of new renewable projects by PPC across Greece, Bulgaria and Romania. Slovenia launched a €10 million battery storage incentive programme.
Romania confirmed that the Mintia gas-fired power plant (1.7 GW) has reached more than 80% completion, with first generation expected later this year.
Tightness into summer demand period
The combination of rising demand, stronger thermal dispatch and continuing import dependence indicated continued tightness in Southeast European markets despite improving renewable production levels. Temperatures are expected to remain seasonally warm as forward curves continue to strengthen.
