Day-ahead electricity prices in Southeast Europe stayed above €200/MWh on Sept. 25, with a sharp drop in wind generation tightening regional supply-demand balances. The session also saw Hungary’s premium to Germany narrow substantially. Most markets cleared at levels above the €200/MWh threshold.
Albania recorded the highest clearing price at €223.92/MWh, followed by Romania at €219.85/MWh and Hungary at €219.62/MWh. Bulgaria settled at €216.50/MWh, Greece at €213.62/MWh, North Macedonia at €211.32/MWh, Serbia at €207.90/MWh, and Croatia at €205.84/MWh. Montenegro remained below the regional cluster at €190.98/MWh.
Price changes across key regional trading hubs
Movements across markets were uneven on the day. HUPX fell by €19.70/MWh, while Romania dropped by €12.70/MWh. Greece increased by €38/MWh, and Serbia rose by €20.20/MWh.
North Macedonia added €15/MWh, while Albania increased by €13/MWh. The central driver was a deterioration in the regional generation balance, affecting both physical flows and day-ahead pricing outcomes.
Tightening balance increases imports as wind output falls
Across Hungary and Southeast Europe, electricity consumption rose to around 29.94 GW, while generation fell by more than 1.2 GW versus the previous day. Net imports increased by 886 MW to 3.57 GW. Imports from the Central European core rose by more than 500 MW to 2.73 GW.
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The tightening was largely linked to wind generation declines. Regional wind output dropped by almost 1.6 GW to 2.14 GW, representing a fall of more than 40% in a single session. Solar generation also eased to around 5.27 GW.
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Dispatchable generation increased but did not fully offset the renewable decline. Gas-fired output rose by about 330 MW to 4.43 GW, while hydro increased by around 210 MW to 3.72 GW. Coal production was little changed and nuclear generation remained broadly stable.
Narrower HU-DE spread alongside higher import needs
The session also featured a narrowing of the Hungary-Germany differential in day-ahead pricing. German power rose to around €176.63/MWh, while HUPX declined to €219.62/MWh. This cut the Hungarian premium to about €43/MWh, from more than €100/MWh a day earlier.
The compressed spread reduced the immediate price incentive for west-to-east trading, but did not remove Southeast Europe’s physical need for imports.
Status of national balances: Hungary, Romania, Greece, Serbia, Bulgaria, Montenegro and Croatia
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