On 12 June 2026, the Southeast European power market moved into a more fragmented pricing structure, with Central European prices rising while Western Balkans prices remained discounted. Hungary, Romania, Bulgaria and Greece all traded above €110/MWh. Serbia cleared at €74.33/MWh, the lowest level in the region and more than €37/MWh below HUPX.
Day-ahead spreads widen between Central Europe and the Western Balkans
The day-ahead market showed a widening east-west divergence linked to stronger renewable production in the Balkans and higher imports from Central Europe into the regional system. Hungary’s HUPX reached €111.89/MWh, while Romania’s OPCOM settled at €111.30/MWh. Bulgaria traded at €110.88/MWh, and Greece led the region at €116.43/MWh.
Serbia’s SEEPEX was the regional outlier at €74.33/MWh. Albania cleared at €84.07/MWh, while Montenegro settled at €89.44/MWh.
Hungary-Germany spread returns; CORE inflows rise
A key signal for traders was the return of a strong Hungary-Germany spread of €14.43/MWh, after a negative spread on the previous day. The change increased the attractiveness of imports from Austria and Slovakia into Hungary and the wider SEE market. Cross-border inflows from the CORE region rose to 1,182 MW.
Generation and demand shift as solar falls and wind recovers
Regional consumption eased slightly to 29.3 GW, while total generation slipped to 29.4 GW. Solar output declined by 769 MW day-on-day to 6.27 GW. Wind generation increased by 442 MW to 1.56 GW.
Hydro remained the dominant generation source at 6.67 GW, representing approximately 24% of the generation mix. Coal contributed 5.2 GW, gas provided 4.3 GW, and nuclear supplied 4.1 GW.
Narrow net imports, but internal flows remain significant
The regional power balance indicated structural surplus conditions tied to renewable output despite lower solar production. Net imports for the combined SEE-Hungary region were only 65 MW, indicating near self-sufficiency. Internal regional flows remained substantial across borders.
Hungary imported heavily from Austria and Slovakia, while Greece continued to attract power from northern neighbors.
Greece trades at a persistent premium in spot markets
A trading development highlighted Greece’s persistent premium versus neighboring markets. At €116.43/MWh, HENEX traded nearly €42/MWh above Serbia and over €5/MWh above Hungary.
The premium was linked to Greece’s structural dependence on gas-fired generation during evening peaks and its growing role as a regional gas hub.
Forward curves show mixed signals for power and gas costs
Forward markets presented a mixed picture for pricing into June. Hungarian Week-25 baseload strengthened to €109/MWh, while Week-26 rose to €123/MWh. German Week-25 power advanced to €114.50/MWh.
The gas component remained stable, with CEGH Austrian gas at €50.76/MWh. EUA carbon allowances eased slightly to approximately €77/tCO₂.
Batteries and grid upgrades expand flexibility capacity across the region
Hungary commissioned its largest battery project to date: a 99.8 MW / 288.6 MWh storage facility developed by Greenvolt near Buj. Budapest also unveiled a €1.5 billion grid-modernization package intended to unlock approximately 4.8 GW of additional renewable capacity.
Batteries accelerate in Romania; smart meters support higher renewables
Romania continued storage deployment with multiple projects reaching integration stages. PPC Renewables announced battery integration at its Colibasi solar facility, while Allview Energy completed a battery project of 120 MWh at the 69 MW Teius solar plant.
PPC’s distribution subsidiary also reported rapid smart-meter deployment, supporting digital and physical infrastructure for higher renewable penetration and future ancillary-service markets.
MOL-NIS deal talks in Serbia; Pancevo refinery operations referenced
The most significant strategic development for Serbia involved reported discussions between Serbian authorities and MOL regarding a potential acquisition of the majority stake in NIS held by GazpromNeft. The proposal still required OFAC approval and agreement between Russian and Hungarian parties.
If agreed, it would increase Serbian state influence over NIS and include commitments related to continued operation of the Pancevo refinery, reducing uncertainty around Serbia’s largest downstream energy asset.
This weekend’s weather outlook points to stronger solar output risk premiums changing by region
Ahead of the weekend, forecasts indicated warmer conditions across much of SEE. In Serbia, temperatures were expected to rise from 17°C on Friday to around 22°C on Saturday, before easing slightly afterward.22°C on Saturday, before easing slightly afterward.22°C on Saturday, before easing slightly afterward.22°C on Saturday, before easing slightly afterward.22°C on Saturday, before easing slightly afterward.22°C on Saturday, before easing slightly afterward.22°C on Saturday, before easing slightly afterward.22°C on Saturday, before easing slightly afterward.22°C on Saturday, before easing slightly afterward.22°C on Saturday, before easing slightly afterward.22°C on Saturday, before easing slightly afterward.22°C on Saturday, before easing slightly afterward.22°C on Saturday, before easing slightly afterward.22°C on Saturday, before easing slightly afterward.22°C on Saturday