Regional order books and intraday trading patterns
Electricity.Trade’s comparison of regional power exchanges highlights persistent differences in liquidity depth and trading behavior across Southeast Europe. HUPX and OPCOM are described as having relatively deep order books and smoother price curves. By contrast, SEEPEX, BELEN, ALPEX, and MEMO are characterized by thinner participation and sharper intraday discontinuities.
24 February price ranges in Hungary and Serbia
On 24 February, Hungary’s hourly price range ran from approximately 46 EUR/MWh to 177.5 EUR/MWh. Despite the wide range, the report indicates that price transitions occurred gradually. In Serbia, SEEPEX displayed abrupt hourly shifts even though absolute price levels were lower. The difference is linked to limited intraday adjustment capacity on the Serbian exchange.
Liquidity gaps and dual pricing outcomes
Electricity.Trade states that liquidity gaps can produce dual pricing realities across markets. It describes core markets as relying on price discovery grounded in marginal cost economics. For peripheral markets, the report says execution risk premiums are embedded in pricing. During stress events, thin markets can overshoot or lag, which amplifies volatility.
Market coupling expansion and dependencies for liquidity depth
The anticipated expansion of market coupling mechanisms is expected to partially mitigate the disparities identified across exchanges. Electricity.Trade also notes that liquidity depth depends on more than regulatory alignment alone. It points to participant confidence, clearing infrastructure, and transparent balancing regimes as additional factors. Until structural liquidity improves, peripheral SEE exchanges are expected to continue showing higher volatility per unit of traded volume.
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