Southeast European electricity markets observed a notable recovery on 19 May 2026, following a period of softer price dynamics over the weekend. The rebound was driven by a sharp increase in regional consumption, which rose to 28,647 MW, and cross-border imports exceeding 835 MW net. This uptick in demand coincided with a significant rise in solar generation, further stabilizing market conditions.
Among the most pronounced price movements were seen in the Balkan markets. Serbian SEEPEX prices surged by nearly 41% to reach EUR 123.23/MWh. Montenegro’s BELEN market also experienced a substantial increase of 24.6%, closing at EUR 108.84/MWh. North Macedonia’s MEMO rose by 26.3% to EUR 113.22/MWh, while Albania’s ALPEX, despite remaining the lowest-priced market in the region, recovered to EUR 77.29/MWh.
Hungary’s HUPX continued to serve as the regional pricing benchmark at EUR 141.79/MWh, only slightly lower than the previous day. Romanian OPCOM maintained close alignment with Hungarian prices, closing at EUR 142.69/MWh. Slovenia’s BSP and Croatia’s CROPEX remained closely linked to Central European market fundamentals, hovering around EUR 140/MWh.
The surge in system demand was complemented by a significant increase in imports into the SEE-Hungary balancing area, which jumped by more than 1 GW. Key inflows from Austria and Slovakia towards Hungary and Southeast Europe reached over 1,065 MW, underscoring the region’s reliance on Central European balancing capacity amid fluctuating renewable energy outputs.
Renewable energy production saw a marked shift, particularly with solar generation recovering to 5,710 MW, an increase of nearly 945 MW day-on-day. This recovery partially offset a sharp decline in wind generation, which fell below 2,033 MW. The disparity between solar and wind output continues to shape market volatility, with solar generation dominating midday hours and leading to suppressed intraday pricing.
The hydroelectric sector also demonstrated resilience, with production reaching 7,366 MW, supported by elevated Danube river flows of approximately 6,839 m³/s. This enhanced hydro capacity has improved flexibility across Romania and the broader Danube-connected system.
Conventional generation sources such as coal and gas saw simultaneous increases in output, reflecting the ongoing need for traditional flexibility amidst rising renewable energy penetration. Coal generation climbed to 4,601 MW, while gas-fired generation increased to 3,510 MW.
Despite favorable spot market conditions, forward markets exhibited slight weakening. Hungarian week-ahead baseload contracts decreased toward EUR 102/MWh, while June-2026 baseload forwards eased toward EUR 112/MWh, indicating traders’ expectations of improved solar availability and softer continental gas fundamentals in the coming weeks.
The gas market remained stable, with Austrian CEGH front-month contracts hovering around EUR 51.92/MWh. EU carbon allowances remained above EUR 75/tCO₂, continuing to exert pressure on coal-fired generation economics across Southeast Europe.
The divergence between Southern Balkan pricing and Central Europe is increasingly evident. Greece’s HENEX market surged nearly 30%, reaching EUR 129.48/MWh, although it still trades at a discount compared to Hungary due to stronger domestic renewable output and improved interconnection balances.
The commercial flow data highlights the fragmented nature of regional balancing structures. Romania has emerged as a significant exporter to Hungary, averaging over 1,200 MW over the past week, while Greece continues its robust exports towards Turkey. Bosnia and Herzegovina maintains its export activities towards both Serbia and Montenegro, emphasizing the critical role of hydro and lignite resources within the western Balkan energy landscape.
