Electricity markets across Southeast Europe moved lower for delivery on 3 June, as wind generation rebounded and cross-border imports from Central Europe increased. The combination of stronger supply and higher import volumes pushed day-ahead prices down in nearly every major market in the region.
Day-ahead price declines across SEE and Hungary
In Hungary, the HUPX day-ahead contract settled at €116.31/MWh, down €5.6/MWh day on day. Romania’s OPCOM closed at €116.24/MWh, while Bulgaria’s IBEX settled at €115.27/MWh. Prices also fell across the Western Balkans, including Serbia’s SEEPEX, Montenegro’s BELEN and North Macedonia’s market.
Serbia’s SEEPEX dropped by €12.9/MWh to €108.04/MWh. Montenegro’s BELEN fell by €15.2/MWh to €106.26/MWh, and North Macedonia lost almost €18/MWh to settle at €104.69/MWh. Greece remained the lowest-priced market at €85.72/MWh, trading at a discount of more than €30/MWh to Hungary.
Renewables strengthen while thermal generation eases
The price correction coincided with a substantial increase in renewable output across the region. Total SEE and Hungarian generation rose by almost 1.8 GW versus the previous day, reaching 27.8 GW. Demand increased by a smaller 987 MW, to approximately 29 GW.
Wind production was the main driver, jumping by 1.28 GW day on day to 2.49 GW. Solar generation increased by 453 MW, rising to above 6 GW. Hydro output also edged higher to reach 6.55 GW.
The shift in renewables altered the regional supply stack, with solar and hydro together accounting for nearly half of total generation. Wind’s contribution doubled compared with the previous trading session. By contrast, gas-fired generation fell by almost 500 MW, reflecting weaker marginal thermal requirements as renewable availability improved.
Imports rise and spreads widen between Hungary and Germany
Cross-border flows lift supply into the SEE-Hungary region
Cross-border flows were a key factor in shaping outcomes for day-ahead pricing on 3 June. Net imports into the wider SEE-Hungary region increased sharply to 1,830 MW, compared with just 232 MW a day earlier. Imports from Austria and Slovakia into Hungary and Slovenia exceeded 2.6 GW.
A wider spread between Hungary and Germany supported those import incentives. The Hungarian-German day-ahead differential widened to €13.68/MWh, compared with almost flat levels on the previous day. This encouraged higher commercial imports from western markets, with additional supply flowing through Hungary into neighbouring Southeast European systems.
Southeast European pricing effects extend into Serbia and Greece
Serbia was among the biggest beneficiaries of stronger regional supply and import economics. SEEPEX traded more than €8/MWh below Hungary and roughly €10/MWh below Slovenia. Market participants continued to link Serbian pricing increasingly to regional flows rather than purely domestic generation conditions.
In Greece, abundant solar generation again decoupled prices from other markets in the region. HENEX maintained a significant discount to neighbouring markets despite elevated temperatures, reflecting the influence of photovoltaic capacity on Greek power pricing. The midday profile remained heavily depressed by solar output, while evening peaks were lower than earlier in the week.
Tightening expectations in forward markets alongside steady fuel signals
Forward markets pointed to tighter conditions later in summer, according to traded contract levels for Hungary. Hungarian Week 24 contracts traded around €110/MWh, while Week 25 was at €115/MWh. July baseload remained elevated at €123/MWh.
The fuel complex offered limited support for power prices during the period described. Austrian CEGH gas traded at €49.19/MWh, while EU carbon allowances were close to €80/t. Coal futures also softened, with API2 July contracts falling to approximately $131.5/t.
